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Philips announces new car lighting, LED company

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Staff writer ▼ | June 30, 2014
Philips announced it was creating a multi-million euro standalone company by combining its LED and car lighting businesses.
Philips
PhilipsPhilips announced it was creating a multi-million euro standalone company by combining its LED and car lighting businesses.


Philips chief executive offcier Frans van Houten said the the company will set up the new standalone at a cost of approximately 30 million euros ($41 million). "Both our Lumileds (LED) and Automotive Lighting businesses are strong players in the lighting industry and ready to pursue more growth and scale, independently of Philips Lighting," he told journalists in a telephone conference call.

"As a world-leading lighting components business, they will have increased flexibility to attract additional investors to accelerate growth."

Philips expects around half of the world to be lit up by energy-saving light-emitting diodes (LEDs) within the next two years and is looking in particular to making gains against Asian competition in the "exciting" car lighting market, said Van Houten.


 

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