Dutch manufacturing giant Philips recently said that it intends to drop the word "Electronics" from its name as it shifts away from consumer-based entertainment towards health, well-being and lighting products. Based in Eindhoven in the southern Netherlands, Philips announced in late January, 2013 it was selling its lifestyle entertainment branch which makes audio, video and multimedia products to Japanese company Funai in a 150-million-euro ($199 million) deal. The proposal to drop the word "Electronics" to rename the company "Royal Philips" will be put to shareholders at the annual general meeting in Amsterdam on May 3, 2013 Philips said in a statement.
Sayed Farrukh Ahmed
Assistant Professor
Department of Business Administration
Faculty of Business & Economics
Daffodil International University
