Seoul, Korea – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it and Woongjin Coway - a leading Korea-based well-being household appliance company, signed a Memorandum of Understanding for future joint development and supply of air cleaners for the rapidly growing Chinese air purifier market.
Under this agreement, the companies have agreed to build a strategic partnership by collaborating in the areas of developing overseas business, sharing of information and technology to bring new innovative products to the China and Hong Kong market.
Both companies are expected to strengthen mutual cooperation in all steps of product development, from filters to final design, in order to develop the optimal product for each overseas market.
This partnership enables Philips to expand its presence in emerging markets in general and Philips` ability to bring solutions that enhance the health and well-being of people in China and Hong Kong. Demand for air purifiers in China and Hong Kong is strong and expected to grow significantly, as a combination of rising household and consumers seeking improvements in quality of life with cleaner air for their homes.