Philips merges Lumileds and Automotive businesses

The merger is expected to close next year.

Philips merges Lumileds and Automotive businesses


Philips

 
 

YouTube Videos

Comments

Full Story

Philips merges Lumileds and Automotive businesses



Dutch technology giant Philips is merging its Lumileds and Automotive lighting businesses, the company announced today. Both businesses had combined sales of about 1.4 billion euros, roughly $1.9 billion, last year.

Philips is expecting the merger to open new investment opportunities. Philips Group will continue to be a shareholder of the new company. Taking charge is Pierre-Yves Lesaicherre, the current CEO of Lumileds.

The integration of the two businesses within Philips Group is expected to close in 2015. Meanwhile, Philips is expected to spend over 30 million euros this year to set up the two businesses.

“Philips’ strategy in Lighting is to intensify its focus on connected LED lighting systems and services, LED luminaires, and LED lamps for the professional and consumer markets. Both our Lumileds and Automotive lighting businesses are strong players in the lighting industry and ready to pursue more growth and scale, independently of Philips Lighting,” said Frans van Houten, Chief Executive Officer of Philips.

Source: Philips

 

Updates

Shopping Deals

 
 

 


<a href="/latest_stories/all/all/21" rel="author">Gene Ryan Briones</a>
Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.

 









 

Comments


blog comments powered by Disqus

Latest stories

Enter the Biggest of Black Friday Giveways
Enter the Biggest of Black Friday Giveways
I4U News is giving Black Friday fans something special for Black Friday 2014: A $5,000 Black Friday Shopping Spree Giveaway.
 

 
The Snappening is happening with Photos and Videos
The Snappening is happening with Photos and Videos
A case of “The Snappening” is happening with thousands of photos and videos being pilfered from Snapchat.
 

 
Shonda Rhimes says the Work-Life Balance Question drives me Crazy
Shonda Rhimes says the Work-Life Balance Question drives me Crazy
The creator of Grey’s Anatomy and Scandal, Shonda Rhimes says she is sick and tired of answering the same question over and over again.
 

 
Melanie Griffith releases Photos with a Pet Lion
Melanie Griffith releases Photos with a Pet Lion
The actress, Melanie Griffith released photos from her childhood times spent with a pet lion which her parents got from the Anton Lavey.
 

 

 

 
 


 

Related Posts

Leave a Reply

Your email address will not be published.