Philips announced that it has acquired the Italian LED design company IltiLuceSpA and signed an agreement with it, the purchase price has not been missed. Philips believes that IltiLuce is one of Europe's leading LED design companies for building interior lighting.
Founded in 1989, IltiLuce is headquartered in Turin, Italy, and has become one of Europe's largest LED manufacturers specializing in architect-designed indoor lighting solutions, designing LED interior lighting for buildings such as shops and museums. Among the architectural highlights illuminated by IltiLuce are the Vatican cemetery in the Vatican and the Egyptian Museum in Turin, Italy.
The company has about 30 employees and its sales increased by double digits in 2008 with a 15%-20% (high-teens) profit margin. This performance is expected to drive IltiLuce to continue, and IltiLuce will also be able to take full advantage of Philips' distribution channels.
IltiLuce CEO Carlo Albano said that since the establishment of IltiLuce, our strategy is to provide architects with the most advanced lighting solutions, and to cooperate with Philips and to use its most advanced lighting technology, will further enrich our experience. And expanding our important market for building lighting solutions
When the two transactions are completed in the first quarter of 2009 (subject to certain contracts and other conditions, such as regulatory approval), IltiLuce will become one of Philips Lighting's professional lighting companies.
Rudy Provoost, CEO of Philips Lighting, said that since the founding of IltiLuce for 20 years, a team of leading architects has been able to deliver innovative lighting solutions to the fast-growing, high-end building market and provide lighting solutions. With a high reputation, we will develop their innovation and entrepreneurship to further enhance our capabilities to provide unique interior architectural lighting solutions.
Philips acquired IltiLuce after acquiring other LED companies, including ColorKinetics, TIRSystems and Lumileds.
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