Philips announces 100% ownership of Lumileds
Amsterdam, The Netherlands – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced it has obtained full ownership of Philips Lumileds Lighting, the world leader in highpower light emitting diodes (LEDs) and pioneer in LED technology for every day purposes.
Philips acquired Agilent LED International’s stake in Lumileds last year, and has now acquired the remaining 3.5% of Lumileds share capital from Lumileds’ employees and management. The 3.5% stake was related to an employee stock option program at Lumileds which has now been replaced by a new incentive program. A one-time charge of approximately EUR 8 million will be taken in the financial results for the fourth quarter 2006.
“In the last year we have made tremendous progress in aligning Philips’ and Lumileds’ business and strategy to further strengthen our position in the fast growing, emerging solid state lighting market,” says Theo van Deursen, CEO of Philips Lighting. “Philips now owns the entire new value chain, from technology expertise to in-depth customer knowledge, which provides us with a real competitive edge.”
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of sales of $37.7 billion (EUR 30.4 billion) in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,500 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter.
