Phillips Electronics
have announced they will acquire
Lighting Technologies International(LTI), a US manufacturer of xenon lamps for an undisclosed fee.
LTI provides xenon lamps to the entertainment industry, especially for cinema projectors, as well as lighting used at the Pyramids of Giza and the Towers of Light at New York’s Ground Zero. The company’s sales grew approximately 40 per cent a year over the last four years and have forecasted sales of $20m for 2007.
‘LTI has been highly successful in building up a strong presence in applications for high-power xenon lamps that will round out Phillips’ portfolio of xenon lamps,’ said Bas van de Kieft, CEO of Phillips’ Special Lighting Applications (SLA) business. ‘This will allow us to better access the growing and profitable entertainment lighting market, which we can build on outside the US through Phillips’ global sales and distribution network.’
The transaction is expected to close in the fourth quarter of 2007 when LTI will become part of Phillips’ SLA business group.
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