Philips Electronics acquiring Digital Lifestyle Outfitters

Dutch consumer electronics maker Philips has announced their plans to acquire Digital Lifestyle Outfitters (DLO).

Digital Lifestyle Outfitters is a US based company which specializes in making peripherals for MP3 players. They are one of the major accessory makers for the Apple iPod.

Philips did not reveal the financial aspects of this deal. They plan to have the deal complete in the second quarter of the current year itself.

DLO’s primary market is the United States itself and they had sales of about $100 million in 2006. Philips believes that the company would contribute to their profits in the coming years.

Philips’ own consumer electronics (CE) business generated around $1.08 billion in sales last year. Incidentally Philips manufactures their own MP3 players and is a challenger to Apple iPod in the digital media player market.