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Royal Philips Electronics, one of the world’s largest manufacturers of light bulbs, will acquire lighting fixtures maker Genlyte Group in a $2.7 billion deal. According to Bloomberg, this is Philips’ largest acquisition ever in terms of cost.
Genlyte Group, based in Louisville, Ky., makes fixtures under numerous brand names including Alkco, Lite-Energy, Nessen and Morlite. The deal is expected to help increase the energy-saving selection offered by Philips, as well as to help the manufacturer expand further in the United States.
"This deal deepens our contacts to end users, helping us speed up the market rollout of more energy-efficient lighting and the introduction of new lighting technologies, like solid state lighting,” said Philips CEO Theo van Deursen.
Amsterdam-based Philips said it expects the transaction to close in the first quarter of 2008. Genlyte will be integrated into the luminaries business of Philips’ lighting division.
Philips lighting division accounts for about 20 percent of the company’s annual sales, which were $40.1 billion in 2006.