Philips Holding USA Inc., a subsidiary of Royal Philips Electronics, has agreed to acquire Genlyte Group Inc., a manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets, for $2.7 billion in cash.
The acquisition allows Philips to expand in the green-lighting business in North America and to introduce Genlyte’s products to the international market. About 90% of Genly’tes 2006 revenues were in commercial and industrial applications in 2006. The rest are focused on high-end residential applications.
Genlyte sells to distributors and electrical wholesalers. The company’s products are also promoted through architects, engineers, contractors, and building owners.
Besides growing our …
