Philips Uses Exit Statement To Flush Out Buyer For Pronto Business
Speculation is mounting that Philips may have been crying "wolf" when they announced that they were set to shut down their Pronto control business with insiders now claiming that the actions of last week were designed to flush out a buyer. According to Michael Henriksen the Managing Director of Qualifi, which distributes Pronto products in Australia, the Pronto operation has been "Up for sale" for some time. "It would not surprise me if they are trying to flush out a buyer with their announcement last week that they were going to shut the operation down," he said. According to sources in Asia, Philips has been engaging with potential acquirers of the remote control and home automation line for several months but no one has put a satisfactory offer on the table for the IP and brand name. Philips was hoping that an IP automation company would want to capatalise on the IP as several companies move to software applications that can be used on Smartphones and iPads or a new generation of Google Tablets. Evidently, Philips received so much interest in the product since the announcement of its demise, that the company is now entering discussions with suitors.
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