Philips Lighting reports EUR 1.46 billion sales in Q2

Philips expects the acquisition of Color Kinetics to further strengthen its position in the solid-state lighing segment.

Philips reported that sales in its Lighting business increased by 6% from 1.296 billion in Q2 2006 to EUR 1.464 billion in Q2 2007. The company reported strong growth in energy-efficient lighting solutions, particularly in Europe and Asia. EBITA (earnings before interest, tax and amortization) grew from EUR 149 million to EUR 161 million.

Speaking about the performance of the company as a whole, which generated total sales of EUR 6.1 billion for the quarter, Gerard Kleisterlee, President and CEO of Royal Philips Electronics, said, "We are increasingly benefiting from our leadership position in the shift to energy-efficient lighting solutions, both in the professional and consumer domain, and will further add to our strength in LED lighting, a fast-growing new segment in the lighting market, not least through our recently-announced intention to acquire Color Kinetics."

The Lighting business employed 53,500 staff, and reported sales of EUR 102 million from the recently acquired Partners in Lighting International (PLI), the European leader in home luminaires.

The leading business highlight for the quarter was Philips agreement to purchase Color Kinetics. The deal is expected to further accelerate growth in the Solid State Lighting (SSL) luminaires area of the lighting market. Philips also completed its acquisition of Vancouver, Canada-based TIR Systems Ltd, a leading company in LED technology for modules that generate high quality white light.

Philips says that the acquisitions will give the company "a leading position in the entire LED lighting value chain and strengthen its IP portfolio."

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