Financial details of the agreement were not disclosed.
Luceplan currently employs 110 staff at its Milan headquarters.
When the transaction closes in the second quarter of 2010, Luceplan will become part of the Consumer Luminaires business in Philips’ lighting sector.
‘With the acquisition of Luceplan we are acquiring an iconic design brand in the premium design segment, which enjoys higher growth rates and margins than the overall consumer lighting market,’ said Allard Bijlsma, chief executive officer of Philips Lighting Consumer Luminaires.
‘Design will be an important differentiating factor in the consumer luminaires segment, driven by the increased use of LEDs in luminaires, as designers are no longer restricted by the form factor of the legacy incandescent light bulb.’
Riccardo Sarfatti, the founder of Luceplan, said: ‘Bringing together design and new light sources - LED above all - is a thrilling project that allows Luceplan to play a key role within Philips in the creation of lighting fixtures.’
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