Philips Consumer Communications

The joint venture was formed on October 7, 1997 in Parsippany, New Jersey by Lucent Technologies and Philips to create mobile and landline phones. The company consisted of the consumer communications equipment businesses of both companies. Both companies made products in the venture, often not sold under their own names. Philips Consumer Communications produced the following equipment:

• digital/analog cellular phones – sold under Philips brand
• corded/cordless phones – sold under AT&T brand
• answering machines – sold under AT&T brand
• screen phones – sold under Philips brand
• pagers/cellular telephones – sold under both Lucent/Philips brands

Eventually, all telecommunications products made in the venture would have been sold under the Philips brand.^{[citation needed]}

In 1998, Lucent and Philips announced it would dissolve its joint venture, after garnering only a 2% market share in mobile phones and losing $500 million on a revenue of $2.5 billion.^[1] Both companies initially re-absorbed their respective assets in the joint venture, but Lucent subsequently sold off its parts to VTech and Motorola.^[2][3]