Philips To Buy Belgian Lighting Company

Royal Philips Electronics NV, Amsterdam, Netherlands, said it will buy Belgian lighting company Partners in Lighting from private equity group CVC Capital Partners for about $707.4 million in cash.

PLI is one of Europe’s leading manufacturers of home lighting systems with 7 percent market share, and markets its products under brand names such as Lirio, Massive, Cucina and Aqua.

The transaction is expected to close in the first quarter of 2007.

Philips Lighting expects the deal to add to its operating margin beginning in 2008.