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

Product of the Year
Consulting-Specifying Engineer's Product of the Year (POY) contest is the premier award for new products in the HVAC, fire, electrical, and...
40 Under Forty: Get Recognized
Consulting-Specifying Engineer magazine is dedicated to encouraging and recognizing the most talented young individuals...
MEP Giants Program
The MEP Giants program lists the top mechanical, electrical, plumbing, and fire protection engineering firms in the United States.
October 2018
Approaches to building engineering, 2018 Commissioning Giants, integrated project delivery, improving construction efficiency, an IPD primer, collaborative projects, NFPA 13 sprinkler systems.
September 2018
Power boiler control, Product of the Year, power generation,and integration and interoperability
August 2018
MEP Giants, lighting designs, circuit protection, ventilation systems, and more
Data Centers: Impacts of Climate and Cooling Technology
This course focuses on climate analysis, appropriateness of cooling system selection, and combining cooling systems.
Safety First: Arc Flash 101
This course will help identify and reveal electrical hazards and identify the solutions to implementing and maintaining a safe work environment.
Critical Power: Hospital Electrical Systems
This course explains how maintaining power and communication systems through emergency power-generation systems is critical.
Data Center Design
Data centers, data closets, edge and cloud computing, co-location facilities, and similar topics are among the fastest-changing in the industry.
click me