Philips to acquire Genlyte for $ 2.7 billion

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Amsterdam, Nov 26: Dutch Philips Electronics said on Monday it has reached a deal to buy U.S. light maker Genlyte for $2.7 billion (1.8 billion euros), reinforcing its presence in the North American lighting products market.

''This deal deepens our contacts to end users, such as wholesalers, contractors, architects and lighting designers, helping us speed up the market rollout of more energy efficient lighting and the introduction of new lighting technologies, like solid state lighting,'' Theo van Deursen, chief executive of Philips Lighting said in a statement.

Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.


Reuters
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