Acquisition of market leader in North America positions Philips to enter new market segments
Amsterdam, The Netherlands and Collierville, Tennessee - Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that it acquired The Bodine Company, a leading Collierville, Tennessee-based manufacturer of emergency ballasts with revenues of over $30 million in 2005. The transaction is completed. No further financial details were disclosed.
"This acquisition positions Philips very favourably in the niche emergency ballast market and enables us to broaden our product portfolio and enter strategic new market segments involving building networks," says Brian Dundon, President & CEO of Philips Lighting Electronics North America. "Together with Bodine we will pursue new opportunities in emergency lighting and improve the system compatibility of lamp, ballast, and emergency lighting technology."
"Through proximity to Philips' high-quality product offering, outstanding operations, extensive global resources and broad technical expertise, we will be able to strengthen and further grow our business," says David Crippen, CEO of Bodine. "We look forward to continuing to develop the field of emergency lighting in the areas of automation and control, LED, and electronic HID technology as well as enhancing our overall value proposition within the lighting industry."
Bodine will be fully integrated as a business unit within Philips Lighting, while their commercial activities will continue to be operated under the Bodine structure. Founded in 1962, Bodine is a leading manufacturer of emergency ballasts and specialty lighting solutions and currently employs approximately 200 associates in its Collierville, Tennessee headquarters. The emergency ballast arena offers extensive opportunities for growth and development, particularly as it relates to the market's emerging provision of integrated and controllable emergency lighting solutions for use with building management systems.
For further information, please contact:
Philips Corporate Communications
Tel +31 20 59 77199
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 30.4 billion in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,500 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at http://www.philips.com/newscenter.
About The Bodine Company
Bodine is dedicated to providing high quality, reliable, code-compliant, and innovative products for a broad range of emergency lighting applications. It has established a strong presence in the North American market for fluorescent, HID metal halide, LED, and generator-supplied emergency lighting. Bodine is a member of the Illuminating Engineering Society of North America (IESNA) and the National Electrical Manufacturers Association (NEMA) in addition to being an active and respected community partner.