Electronics giant Philips has underlined its commitment to developing greener lighting technologies with the announcement it is to shell out $2.7bn to acquire Genlyte, a US-based specialist in energy efficient solid state lighting.
The company said the cash deal, which was announced earlier this week and is now subject to regulatory and shareholder approval, would create the largest lighting company in North America and would "spearhead" Philips's plans to introduce more energy efficient lighting technologies into the US.
Genlyte sells 90 per cent of its lighting fixtures, controls and related products to commercial properties and as such has close partnerships with construction firms and architects. It has developed a growing portfolio of energy efficient technologies, such as solid state or LED lighting.
Theo van Deursen, chief executive officer of Philips Lighting, said that the deal would further bolster its presence in the solid state lighting market following its recent acquisitions of Color Kinetics, TIR Systems, Partners in Lighting International and LumiLeds.
"Besides growing our presence in North America, this deal deepens our contacts to end users, such as wholesalers, contractors, architects and lighting designers, helping us speed up the market rollout of more energy efficient lighting and the introduction of new lighting technologies, like solid state lighting," van Deursen added.
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