Increase investment, Philips strives to expand the North American lighting market
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Philips paid approximately $2.7 billion (1.8 billion euros) at a price of $95.50 per share.
Philips and Genlyte's business will be enhanced through the extensive network of Genlyte and distributors, architects and designers to bring Philips' innovative, environmentally friendly and solid-state lighting technologies to North America and by bringing Genlyte's products to the international market.
The deal, based on Philips' previous acquisitions of ColorKinetics, PartnersinLighting, TIR and Lumileds, marks Philips' continued investment in lighting.
The Genlyte Board of Directors unanimously recommended the offer to shareholders.
Amsterdam, the Netherlands and Louisville, Kentucky - Royal Philips Electronics (AEX: PHI, NYSE: PHG) ("Philips") announced that it has reached an agreement with the Genlyte Group ("Genlyte") (Nasdaq: GLYT) North American lighting company Under the agreement, Philips will begin to issue an offer to acquire all of Genlyte's issued and tradable shares at $95.50 per share, or approximately $2.7 billion (€1.8 billion) in cash upon completion of the transaction. The plan's deal is based on Philips' previous acquisition of ColorKinetics and will give the company a leading position in the North American lighting market. Through an extensive network of Genlyte and North American lighting customers, the deal will provide Philips with a platform for greater profitable growth and accelerate the adoption of energy-saving and green lighting technologies. The Genlyte Board of Directors has unanimously agreed to the transaction and has consistently recommended that Genlyte's shareholders accept the offer and sell its shares under the offer.
Genlyte, based in Louisville, Kentucky, designs, manufactures and markets lighting fixtures, controls and related products for a wide range of applications, including solid state lighting. Genlyte's 90% of its revenue in 2006 came from commercial and industrial lighting applications, and other revenues came from high-end home lighting applications. As a leader in the North American architectural lighting market, Genlyte also sells products to distributors and electrical wholesalers. The company's products are also promoted by architects, engineers, contractors and building owners. Genlyte has approximately 6,700 employees.
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