Electronics Production |
Philips acquires Ilti Luce
Royal Philips has reached an agreement to acquire Italy-based Ilti Luce Srl. Upon closing of this transaction in the 1Q/2009, which is subject to certain contractual and other conditions such as regulatory approvals, Ilti Luce will become part of the Professional Luminaires business within the Philips Lighting sector.
Financial details of this agreement were not disclosed. "Since its start two decades ago, Ilte Luce has built a renowned reputation with leading architects, delivering innovative lighting experiences and solutions for the fast growing, high-end architectural market,” said Rudy Provoost, Chief Executive of Philips’ Lighting sector. ‘We will foster their creative and entrepreneurial spirit to further enhance our ability to offer unique indoor architectural lighting solutions,” Mr. Provoost added.
Ilti Luce, based in Turin, Italy, was founded in 1989 and has since become one of Europe’s largest LED lighting manufacturers specialized in indoor lighting solutions for architects designing lighting plans for buildings such as shops and museums. Among the architectural monuments lit by Ilti Luce are the Vatican Necropolis in Vatican City and the Egyptian museum in Turin, Italy. The company, which employs around 30 employees, posted double-digit sales growth and enjoyed a high-teens profit margin in 2008; a performance which is expected to improve in years to come as Ilti Luce will fully start utilizing Philips’ distribution channels.
The acquisition of Ilti Luce adds to Philips’ leading position in the fast-growing Solid State Lighting market, building upon previous acquisitions including Color Kinetics, TIR Systems and Lumileds, and further secures Philips’ position to lead the global shift to energy-efficient lighting solutions.
