PHILPS intends to $2 billion 700 million acquisition of U.S. lighting manufacturers Genlyte

According to the Reuters reported on November 26th, PHILPS will purchase the electronic lighting equipment maker Genlyte for $2 billion 700 million, which became the top lighting company in North america.

PHILPS is the world's largest lighting equipment manufacturers, third manufacturers of medical equipment and Europe's largest consumer electronics manufacturers. The company said on Monday that it had reached an agreement with the Genlyte on a cash offer. PHILPS will acquire Genlyte stake of $95.50 per share, Genlyte board of directors expressed support for the offer.

PHILPS CEO Theo Van lighting Deuren said in a statement: "this transaction further deepened our contact with end users...... Help us to speed up the introduction of more energy-efficient lighting systems, accelerate the use of new lighting technologies such as solid state lighting. "

In Kentucky Genlyte company mainly produces lighting and lighting products, as the company in September 2007 of this year sales of about $1 billion 600 million. PHILPS said it expects the deal to be completed in the first quarter of 2008.

Source: News Network