Philips Electronics buys out biggest rival

Royal Philips Electronics NV, Amsterdam, will buy the Genlyte Group Inc., Louisville, Ky., for $2.7 billion.


Royal Philips Electronics NV, Amsterdam, will buy the Genlyte Group Inc., Louisville, Ky., for $2.7 billion. In a management-agreed upon take over, Philips agreed to pay $95.50 (64.77 euros) per share at a value of 1.83 billon euros. Genlyte’s shares closed at $62.67 on Friday and the Philips’ offer represents a 52% premium.

Philips hopes the acquisition will strengthen its position in the energy-efficient lighting and surpass General Electric Co. as the largest lighting company in North America. The replacement of incandescent and fluorescent lights by light emitting diodes (LED) will help drive the cost of production of the energy saving lighting products down.

Philips does not plan to cut any of Genlyte’s 6,700 employees and hopes the deal will be completed in the first quarter of 2008, pending approval of shareholders and regulators.

For more information click here

No comments
Consulting-Specifying Engineer's Product of the Year (POY) contest is the premier award for new products in the HVAC, fire, electrical, and...
Consulting-Specifying Engineer magazine is dedicated to encouraging and recognizing the most talented young individuals...
The MEP Giants program lists the top mechanical, electrical, plumbing, and fire protection engineering firms in the United States.
Combined heat and power; Assessing replacement of electrical systems; Energy codes and lighting; Salary Survey; Fan efficiency
Commissioning lighting control systems; 2016 Commissioning Giants; Design high-efficiency hot water systems for hospitals; Evaluating condensation and condensate
Solving HVAC challenges; Thermal comfort criteria; Liquid-immersion cooling; Specifying VRF systems; 2016 Product of the Year winners
Driving motor efficiency; Preventing Arc Flash in mission critical facilities; Integrating alternative power and existing electrical systems
Putting COPS into context; Designing medium-voltage electrical systems; Planning and designing resilient, efficient data centers; The nine steps of designing generator fuel systems
Designing generator systems; Using online commissioning tools; Selective coordination best practices
As brand protection manager for Eaton’s Electrical Sector, Tom Grace oversees counterfeit awareness...
Amara Rozgus is chief editor and content manager of Consulting-Specifier Engineer magazine.
IEEE power industry experts bring their combined experience in the electrical power industry...
Michael Heinsdorf, P.E., LEED AP, CDT is an Engineering Specification Writer at ARCOM MasterSpec.
click me