of business at the end of 1961. 1960s A plant was opened in 1960 to manufacture tape recorders in Belfast, Northern Ireland, the first production by Grundig outside Germany. The managing director of the plant, Thomas Niedermayer, was kidnapped and later killed by the Provisional IRA in December 1973. The factory was closed with the loss of around 1000 jobs in 1980. 1970s In 1972, Grundig GmbH became Grundig AG. After this Philips began to gradually accumulate shares in the company over the years, and assumed complete economic control in 1993. Grundig pulled out of this partnership in 1998 owing to unsatisfactory performance and the decline in Philips consumer electronics presence around the world. 1980s Germany's first colour television projector was started by Grundig in 1981. The next year, the second generation electronic notepad was developed and marketed. Philips increased its stake in the company and Max Grundig no longer controlled business management in 1984. 1990s In 1991, Grundig entered the telephony equipment market starting with its cordless telephone. In 1993, the Grundig TV was based on a 16:9 picture format for signal transmission. In 1995 and 1996, the company included 3-D sound systems, TVs, satellite receivers and other initiatives that included interactive user guidance. However, Philips ended its stake in the company by 1997-8. 2000s At the end of June 2000 the company relocated its headquarters in Fürth to Nuremberg-Langwasser. Grundig had a turnover of €1.281 billion the following year. In autumn 2002, Grundig's banks did not extend the company's lines of credit, leaving the company with an April 2003 deadline to announce insolvency. Grundig AG declared bankruptcy in 2003. In 2004 Britain's Alba plc and the Turkish Koç's Beko jointly took over Grundig Home InterMedia System, Grundig's consumer electronics division. In 2007 Alba sold its half of the business to Koç for US$50.3 million, although it retained the license to use the Grundig brand in the UK until 2010, and in Australasia until 2012. In 2007 Grundig Mobile announced the U900 Linux-based mobile phone. At the end of 2007 Turkey's Koç Holding took full ownership of Grundig Multimedia, the parent company of Grundig Intermedia GmbH in Nuremberg. 2010s The company continued on to entertainment electronics, electrical, and home appliances. Eventually, the company entered the white goods sector in 2013, thus becoming the EU's only consumer electronics company covering the full range. Present Grundig's headquarters are in Frankfurt, Germany.