Philips Lighting, Eindhoven, Netherlands, has an agreement to acquire Shenzhen LiteMagic Technologies Co., Ltd., a Chinese manufacturer and seller of lighting luminaires and control systems for urban and façade lighting. Financial details were not disclosed.
With this acquisition, Philips Lighting (soon to be known as Signify) expands its high-end portfolio of façade lighting with a complementary portfolio of luminaires and control systems to capture growth in the mid segment of the urban market. It also helps the company to better capitalize on the large and fast-growing market for urban lighting in China, said a Philips Lighting press release.
LiteMagic Technologies, founded in 2004 and based in Shenzhen, China, generated annual sales of approximately €32 million ($38.2 million) in 2017. The company will continue to operate in China under the LiteMagic brand name.
“LiteMagic Technologies has a strong foothold in many cities in China and significant expertise in urban lighting. Together we will bring our complementary and comprehensive portfolio of products, systems and services to the growing number of cities in China looking to turn buildings, bridges and boulevards into beautiful public spaces at night,” said John Wang, market group leader for Greater China at Philips Lighting.
Philips Lighting has been in China since 1920. Currently the company serves professional and consumer markets through its 36 sales offices, more than 300 branded retail stores and 10,000 outlets. Philips Lighting's second largest research and development center is located in China while it also operates five manufacturing sites in the country.