Signify acquires 51% stake in Chinese provider Klite Lighting to further strengthen its strategic position in LED market
26 Juillet 2019 - 7:00AM
Signify acquires 51% stake in Chinese provider Klite Lighting to
further strengthen its strategic position in LED market
Press Release
July 26, 2019
Signify acquires 51% stake in Chinese provider Klite
Lighting to further strengthen its strategic position in LED
market
Eindhoven, the Netherlands – Signify (Euronext:
LIGHT), the world leader in lighting, announces today it has agreed
to acquire a 51% stake in Zhejiang Klite Lighting Holdings Co.,
Ltd. This Zhejiang, China-based company is one of the leading
providers of high-quality, cost-efficient LED lamps and luminaires.
The transaction will bring additional scale and innovation power to
Klite Lighting, allowing it to generate further cost efficiencies
and enhance its product development, including connected lighting
offerings. This will strengthen Klite Lighting’s position to serve
branded and private label customers with innovative and
cost-efficient products.
“We are very excited to strengthen our partnership with Signify,
whose market leading position and state-of-the-art technology will
form a great synergy with our know-how,” said Yanwei Shen, Chairman
of Klite Lighting. “In addition, we’ll continue to provide products
and services to existing and new customers, with whom we’re
committed to further develop strategic partnerships.”
“We’re pleased to join forces with Klite Lighting as this move
will strategically strengthen our position in the supply chain of
LED lamps and luminaires,” said Rowena Lee, Business Group Leader
LED at Signify. “Our combined expertise, innovation power and
distribution scale will help to deliver cost-efficient innovations
to customers faster, including connected lighting offerings. In
addition, this acquisition will allow us to capture value from the
growing private label segment.”
Klite Lighting has been one of Signify’s main suppliers of
high-quality and very cost-efficient LED lamps and luminaires for
many years. In addition, the company manufactures a wide range of
LED lamps and luminaires for a large, global customer base, which
generated around EUR 250 million in sales to third parties in
2018.
The transaction, which is subject to customary closing
conditions, is expected to close in the second half of 2019, after
which Klite Lighting will continue to operate as a standalone
entity.
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For further information, please contact:
Signify Investor RelationsRobin
JansenTel: +31 6 1594 4569E-mail: robin.j.jansen@signify.com
Signify Corporate
CommunicationsElco van GroningenTel: +31 6 1086
5519E-mail: elco.van.groningen@signify.com
Link to Klite Lighting’s website:
http://www.klite.cn/
About Signify
Signify (Euronext: LIGHT) is the world leader in
lighting for professionals and consumers and lighting for the
Internet of Things. Our Philips products, Interact connected
lighting systems and data-enabled services, deliver business value
and transform life in homes, buildings and public spaces. With 2018
sales of EUR 6.4 billion, we have approximately 28,000 employees
and are present in over 70 countries. We unlock the extraordinary
potential of light for brighter lives and a better world. We have
been named Industry Leader in the Dow Jones Sustainability Index
for two years in a row. News from Signify is located at the
Newsroom, Twitter, LinkedIn and Instagram. Information for
investors can be found on the Investor Relations page.
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Lighting
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