Philips Lighting has acquired the Chinese LiteMagic Technologies. The Chinese company manufactures, among other things, control systems for city lighting. With this acquisition, Philips Lighting hopes to take advantage of the fast-growing market for city lighting in China. The costs associated with the acquisition have not been disclosed.
“The acquisition is in line with our global strategy to grow both organically and through selected acquisitions,” said Harsh Chitale, Business Group Leader Professional at Philips Lighting. “Urban lighting is a growing and attractive market and with the acquisition of LiteMagic Technologies we are strengthening our leadership position.”
“LiteMagic Technologies has a strong foothold in many cities in China and significant expertise in urban lighting. Together we will bring our complementary and comprehensive portfolio of products, systems and services to the growing number of cities in China looking to turn buildings, bridges and boulevards into beautiful public spaces at night,” adds John Wang, Market Group Leader Greater China at Philips Lighting.
The acquisition is subject to approval by the Chinese regulatory authorities. Philips Lighting expects the acquisition to be completed in the third quarter of this year.
Become a member!
On Innovation Origins you can read the latest news about the world of innovation every day. We want to keep it that way, but we can't do it alone! Are you enjoying our articles and would you like to support independent journalism? Become a member and read our stories guaranteed ad-free.