© mailthepic dreamstime.com General | October 23, 2019
Signify to acquire Cooper Lighting
Signify has entered into a definitive agreement with Eaton to acquire Cooper Lighting Solutions for USD 1.4 billion in cash.
The deal is expected to take place in the first quarter of 2020. In a press release, Signify said together, the two businesses will be better positioned to benefit from the growing USD 12 billion professional lighting market in North America, driven by the continued conversion to LED and the increased demand for connected lighting systems and controls. Cooper Lighting Solutions, headquartered in Peachtree City, Georgia, is a provider of professional lighting, lighting controls, and connected lighting for indoor and outdoor segments and is sold under brands in North America including Corelite, Halo, McGraw-Edison, and Metalux. The business generated USD 1.7 billion in sales in 2018, 84% of which was LED-based, a reported EBITDA of USD 187 million and free cash flow of USD 143 million. Signify and Cooper Lighting will maintain separate front offices, including those for sales forces, agent networks, product and brand portfolios, marketing and product development teams. Both businesses intend to strengthen their respective product portfolios, benefitting from an increased power of innovation as well as more competitive and cost-efficient offerings. Netherlands-based Signify was founded in 1891, with an employee base of 29,000 in 70 countries worldwide.