PHILPS lighting announced today that it has signed a purchase agreement with Shenzhen Ling Technology Co., Ltd., which will buy the manufacturer of the Chinese urban landscape and building facade lighting and control systems.
(left: Wei Qianzhe (ChandraVaidyanathan), senior vice president of big China and growing market of PHILPS lighting professional lighting, PHILPS lighting global senior vice president, President Wang Yun of Greater China, general manager Liu Xiaoguang of Shenzhen Lei Ming Technology Co., Ltd., and Peng Yong, deputy general manager of Shenzhen Lei Ming Technology Co., Ltd.)
Through this acquisition, PHILPS lighting will expand the high-end building facade lighting products and systems to the middle end of the high speed development, and further strengthen the leadership position of the huge and fast growing urban landscape lighting market in China.
Founded in 2004, Lei Ming technology is headquartered in Shenzhen, with sales of about 32 million euros in 2017. Its broad and competitive product mix will complement PHILPS lighting business. Lei Ming technology is good at quick implementation of urban lighting projects and customized products according to customer needs. The company will continue to operate in Lei Ming brand in China.
(Hangzhou G20 summit Qian Tang River south shore lighting project)
(Haizhu bridge in Guangzhou)
(Wanda, Kunming, West Mountain)
Strengthen the leadership position of the market
"This acquisition is in line with our dual engine growth strategy through its own organic growth and strategic acquisition," said Harsh Chitale, President of the PHILPS lighting global professional lighting group, "urban landscape lighting is a very attractive growth market. The acquisition of Shenzhen Lei Ming will enhance our leadership in this market. "
Wang Yun, President of PHILPS lighting Greater China, said: "Lei Ming Technology specializes in urban landscape lighting, and has laid a solid foundation for business in many cities in China. The combination of the two companies will bring more complete products, systems and services to the Chinese market, creating a beautiful public night space for buildings, bridges and streets in more and more cities in China. "
Liu Xiaoguang, general manager of Lei Ming technology, said: "we are looking forward to joining the best companies in the global lighting industry. China's urban landscape lighting market is developing at a high speed, and we will win greater market share in the Chinese market with PHILPS lighting.
PHILPS lighting has entered China for nearly a century. As early as 1920, PHILPS lighting products entered China. The company has established a wide range of sales and channel networks to serve China's professional and consumer lighting market. PHILPS lighting has 36 sales offices in China, more than 300 fashion lighting houses and ten thousand retail outlets. PHILPS lighting currently has 5 production bases and 1 global second R & D centers in China.
The transaction is expected to be completed in the third quarter of 2018 after it is declared to the Chinese regulatory authorities and will be included in the performance from 2019. The financial details are not disclosed.