News

29 December 2006

 

Philips takes full owership of Lumileds

Royal Philips Electronics of Amsterdam, Netherlands has taken full ownership of LED manufacturer Philips Lumileds Lighting.

After aquiring Agilent LED International’s stake in the company in 2005, Philips has now acquired the remaining 3.5% of 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 with an incentive program. As a result, a one-time charge of approximately €8m will appear in the company’s Q4/2006 financial results.

“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.”

Visit: http://www.philips.com/newscenter