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News

19 June 2007

 

Royal Philips Electronics strengthens position in SSL market with Color Kinetics acquisition

Courtesy of LEDs Magazine

Royal Philips Electronics is to acquire all of the outstanding shares of LED lighting systems maker Color Kinetics Inc of Boston, Mass, USA for a total consideration of approximately $791m (€592m), to be paid in cash upon completion.

The merged company, headquartered in Burlington, Mass, will operate under the name of Philips Solid-State Lighting Solutions. Philips' and Color Kinetics' LED fixtures and Color Kinetics' OEM modules will be ultimately co-branded Philips/Color Kinetics.

The transaction is subject to the terms and conditions of the merger agreement and to the approval of Color Kinetics’ shareholders, as well as to customary regulatory clearance. It is expected to close in the second half of 2007.

Philips already has a strong position in the solid-state lighting (SSL) market. In 2005, Philips secured full ownership of Lumileds, and the company also recently acquired solid-state lighting module maker TIR Systems.

“This acquisition uniquely positions Philips as a major player in the fast-growing SSL business with technology, expertise and intellectual property in all parts of the value chain of integrated LED-based lighting solutions,” said Theo van Deursen, CEO of Philips’ Lighting division.

Visit: LEDs Magazine website to read the full version of this story.