|HIGH-DEF DISC NEWS||Receive High-Def Disc News via RSS|
Logitech to Divest Harmony Line of Remotes and Severely Reduce PC and Videogame Peripherals
After posting $180 million loss in the quarter, focus shifts to tablets and smartphones.
After posting a $180 million operating loss for the third quarter of the 2013 fiscal, Logitech CEO Bracken P. Darrell has announced a new strategy for the company whose presence has long been visible in the PC peripheral market with important forays into the home theater and gaming avenues.
"As we articulated when we started the third quarter, continued weakness in the global PC market was the primary factor in our disappointing Q3 results. These results are unacceptable and we are taking decisive action as an outcome of my strategic review.
As a result, we have initiated the process to divest our remote controls and digital video security categories, and we plan to discontinue other non-strategic products, such as speaker docks and console gaming, by the end of calendar year 2013."
According to CNET, Logitech has owned the Harmony line since 2004 when it purchased privately held Intrigue Technologies of Canada for $29 million in cash.
While dialing back fully on gaming and partially on PC products, Logitech will focus on another area, "We plan to expand our presence in the growing tablet accessories category with the launch of a number of exciting new products later this quarter."