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PHILIPS ACQUIRES TIR SYSTEMS
Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced that it has reached an agreement with TIR Systems Ltd. under which Philips will acquire all of the outstanding shares of TIR Systems for a total consideration of approximately C$ 75 million, or approximately…
This transaction is subject to the terms and conditions of the merger agreement and to the approval of TIR shareholders and is expected to close in the second quarter of 2007.
TIR Systems, based in Vancouver, Canada, is a leading company in Solid State Lighting (SSL) technology for products that generate high quality white light. The company is commercializing its newly-developed Lexel™ technology for SSL-based spotlighting with a platform of fully integrated SSL modules. Supporting the company’s technology and products is a solid and sizeable intellectual property portfolio that, when integrated into Philips’ substantial SSL patent portfolio, will create a strong competitive advantage.
Acquiring TIR Systems will strengthen Philips’ leadership position in the fast-growing market of Solid State Lighting.
“We are pleased to strengthen our position in Solid State Lighting through this acquisition,” Peter van Strijp, Chief Executive of Philips Lighting’s Solid State Lighting business unit, said. “Through the successful integration of Lumileds in 2005, we ensured a leading position in Light Emitting Diodes (LEDs) for the general lighting market, and through the acquisition of TIR Systems we now strengthen our position in delivering integrated lighting products to lighting fixtures manufacturers. Our focus will now be on making lighting products that utilize TIR Systems’ Solid State Lighting modules widely available.”
TIR Systems is publicly traded on the Toronto Stock Exchange.
For more information, please contact:
Arent Jan Hesselink
Philips Corporate Communications:
Tel: +31 20 59 77415
Email: arentjan.hesselink@philips.com
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a global leader in healthcare, lifestyle and technology, delivering products, services and solutions through the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 121,700 employees in more than 60 countries worldwide. With sales of EUR 27 billion in 2006, the company is a market leader in medical diagnostic imaging and patient monitoring systems, energy efficient lighting solutions, personal care and home appliances, as well as consumer electronics. News from Philips is located at www.philips.com/newscenter.
About TIR Systems Ltd.
TIR Systems Ltd., a world leader in Solid State Lighting (SSL), is building the foundations for tomorrow’s lighting. TIR developed the Lexel®, which is the first, fully integrated, LED-based light source, designed specifically to produce high quality white light essential for general lighting applications. The benefits of the Lexel technology will encourage a more rapid adoption of Solid State Lighting and the Lexel is positioned to become a new standard in the global lighting market. To find out more about TIR Systems Ltd. (TSX: TIR), visit www.tirsys.com
Forward-looking statements
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
