Philips Acquires Ilti Luce, One of Europe's Leading LED Design Companies
Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has reached an agreement to acquire Italy-based Ilti Luce Srl, one of the leading LED design companies in Europe for architectural indoor lighting.
Upon closing of this transaction in the first quarter of 2009, which is subject to certain contractual and other conditions such as regulatory approvals, Ilti Luce will become part of the Professional Luminaires business within the Philips Lighting sector. Financial details of this agreement were not disclosed.
"Since its start two decades ago, Ilte Luce has built a renowned reputation with leading architects, delivering innovative lighting experiences and solutions for the fast growing, high-end architectural market,” said Rudy Provoost, Chief Executive of Philips’ Lighting sector. ‘We will foster their creative and entrepreneurial spirit to further enhance our ability to offer unique indoor architectural lighting solutions,” Mr. Provoost added.
Ilti Luce, based in Turin, Italy, was founded in 1989 and has since become one of Europe’s largest LED lighting manufacturers specialized in indoor lighting solutions for architects designing lighting plans for buildings such as shops and museums. Among the architectural monuments lit by Ilti Luce are the Vatican Necropolis in Vatican City and the Egyptian museum in Turin, Italy. The company, which employs around 30 employees, posted double-digit sales growth and enjoyed a high-teens profit margin in 2008; a performance which is expected to improve in years to come as Ilti Luce will fully start utilizing Philips’ distribution channels.
“Ever since Ilti Luce was founded, our strategy has been to offer architects highly advanced lighting solutions,” said Carlo Albano, Chief Executive of Ilti Luce. “Becoming part of Philips and being able to utilize its state-of-the-art lighting technology will allow us to further sophisticate and expand our offering to the crucial market for architectural lighting solutions.”
The acquisition of Ilti Luce adds to Philips’ leading position in the fast-growing Solid State Lighting market, building upon previous acquisitions including Color Kinetics, TIR Systems and Lumileds, and further secures Philips’ position to lead the global shift to energy-efficient lighting solutions.
About Royal Philips Electronics:
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs approximately 121,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
