Philips Announces 100% Ownership of LumiledsRoyal Philips Electronics Press Release
FlashlightNews.org - 1/02/2007
Royal Philips acquires remaining 3.5% of company held by employees and management
Lumileds LUXEON® III Star
AMSTERDAM, Nl. - Royal Philips Electronics (NYSE:PHG, AEX:PHI) today announced it has obtained full ownership of Philips Lumileds Lighting, the world leader in high-power light emitting diodes (LEDs) and pioneer in LED technology for every day purposes.
Philips acquired Agilent LED International’s stake in Lumileds last year, and has now acquired the remaining 3.5% of Lumileds share capital from Lumileds’ employees and management. The 3.5% stake was related to an employee stock option program at Lumileds which has now been replaced by a new incentive program. A one-time charge of approximately EUR 8 million will be taken in the financial results for the fourth quarter 2006.
“In the last year we have made tremendous progress in aligning Philips’ and Lumileds’ business and strategy to further strengthen our position in the fast growing, emerging solid state lighting market,” says Theo van Deursen, CEO of Philips Lighting. “Philips now owns the entire new value chain, from technology expertise to in-depth customer knowledge, which provides us with a real competitive edge.”
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of sales of $37.7 billion (EUR 30.4 billion) in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,500 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions.
News from Philips is located at www.philips.com/newscenter.
About Philips Lumileds Lighting Company
Philips Lumileds Lighting Company is the world's leading manufacturer of high-power LEDs and a pioneer in the use of solid-state lighting solutions for everyday purposes including automotive lighting, computer displays, LCD televisions, signage and signaling and general lighting. The company's patented Luxeon Power Light Sources are the first to combine the brightness of conventional lighting with the small footprint, long life and other advantages of LEDs. The company also supplies core LED material and LED packaging, manufacturing billions of LEDs annually, and ranks as the producer of the world's brightest red, amber, blue, green and white LEDs. Lumileds is headquartered in San Jose, California, with operations in the Netherlands, Japan and Malaysia and sales offices throughout the world.
You can visit the company's website at: www.lumileds.com.