Signify, formerly Philips Lighting, is shining a light on its plans for international growth. Looking to strengthen its market position in North America, the Eindhoven-based illumination specialist is coughing up more than 1.25 billion euros to Eaton Corporation for the acquisition of Cooper Lighting Solutions.
Signify believes that with the addition of Cooper, both businesses will be better positioned to benefit from the growing 12-billion-dollar professional lighting market in North America, which is driven by the continued conversion to LED and the increased demand for connected lighting systems and controls. Though the two entities will maintain separate front offices, they will be able to bolster their respective product portfolios with the increased power of innovation, as well as more competitive and cost-efficient offerings.
Cooper Lighting Solutions, located in Peachtree City, Georgia, is a leading provider of professional lighting, lighting controls and connected lighting, offering a large breadth of products and applications for both the indoor and outdoor segments. The business generated over 1.5 billion euros in sales in 2018, of which 84 percent were LED-based.