Philips to takeover US lighting firm

12th October 2007, Comments 0 comments

12 October 2007, AMSTERDAM - Dutch electronics company Philips announced Thursday that it will acquire US firm Lighting Technology International (LTI), which makes high-power lamps for cinemas, for an undisclosed sum.

12 October 2007

AMSTERDAM - Dutch electronics company Philips announced Thursday that it will acquire US firm Lighting Technology International (LTI), which makes high-power lamps for cinemas, for an undisclosed sum.

Besides xenon lamps for cinema projectors, the Californian company also makes lights used to light concerts or to illuminate famous landmarks like the Eiffel Tower in Paris and the Egyptian Pyramids of Giza.

Philips would not disclose any financial details of the deal but the ANP news agency here quoted a source close to the negotiations saying that Philips would pay roughly twice the annual turnover of LTI.

In a statement Philips said that LTI is forecasting sales for 2007 of approximately EUR 14 million.


[Copyright afp 2007]
Subject: Dutch news

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