Philips Consumer Communications (abbreviated to PCC) was a $2.5 billion joint venture of Lucent Technologies and Royal Philips Electronics formed in 1997 and closed in 1998.
Philips owned 60% of the joint venture, with Lucent owning the other 40%. PCC was a global venture, with branches in more than 100 countries, including the US, Latin America, Asia-Pacific and Europe.[1]
History
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: Eventually, all telecommunications products made in the venture would have been sold under the Philips brand.
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.