Logitech selling off Harmony remote division amidst disappointing Q3 earnings

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After reporting disappointing fiscal third quarter earnings, Logitech has announced that it plans to sell off its Harmony remote and digital video security divisions as part of restructuring the company.

Logitech reported a net loss of $195 million from $615 million in sales and a 14 percent decrease in retail sales year over year.

To combat its losses in 2013 and restructure itself as a company, Logitech will sell off the remote and video divisions in what looks to be a focus move. Tablet accessories appears to be one way the company plans to become profitable, while it will dump off gaming accessories.

“These results are unacceptable and we are taking decisive action as an outcome of my strategic review. I was pleased with the continued strong demand for our Ultrathin Keyboard Cover in Q3," said Bracken Darrell, Logitech CEO. “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.”

A Logitech spokesperson confirmed to Pocket-lint that the company has not engaged with a potential buyer yet, but the deals are expected to go down by the end of 2013. We’ve reached out to Logitech for more info.

Link: http://www.pocket-lint.com/news/49477/logitech-selling-off-harmony-remote-dissapointing-q3

Link: http://news.logitech.com/press-release/corporate/logitech-announces-third-quarter-results-fy-2013

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