Philips buys US bulb producer

Philips is buying US light bulb maker Genlyte for some $2.7bn (around €1.8bn), the Dutch electronics group announced on Monday.

Philips says the takeover will propel it into top position on the US lighting market. Earlier this year it took over Color Kinetics for almost €600m.
Philips will pay for Genlyte in cash and will use the company as a springboard for its energy saving lighting products. It hopes to complete the deal in the first three months of next year.
Genlyte, based in Kentucky, has 6,700 workers and turned over $1.6bn last year.

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