Philips acquires Selecon
Posted on Thursday, April 2nd, 2009
Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has acquired New Zealand-based Selecon, a prominent global designer, manufacturer and distributor of professional theatrical and architectural lighting fixtures. Under the terms of the agreement, Philips will acquire the business assets of Selecon New Zealand Limited, Selecon UK Limited, Selecon North America LLC and Aureol Lighting Limited. No financial details on the transaction were disclosed.
“Selecon’s highly acclaimed luminaires for the theatrical and architectural markets will further strengthen the breadth of solutions Philips can offer to important professional customers such as performing arts centers, churches, convention centers and hotels,” said Rudy Provoost, Chief Executive of Philips’ Lighting sector. “Today we are further strengthening the product portfolio of our globally leading entertainment lighting business, building on the foundation provided by the acquisition of Genlyte in 2008.”
Headquartered in Auckland, New Zealand, Selecon was founded in 1969 and employs approximately 95 people throughout Australasia, Europe and North America. Landmarks as diverse as the American Museum of Natural History, Hong Kong Science Museum, the Sydney Opera House and the Opera Bastille in Paris all use Selecon lighting. The company has delivered a double digit annual revenue growth rate over the last four years, a performance which is expected to continue in years to come. Selecon has become part of the Entertainment Group within the Philips Professional Luminaires business, which also encompasses the Vari-Lite and Strand Lighting business operations.
The acquisition of Selecon follows the acquisition of Italy-based Ilti Luce Srl, one of the leading LED design companies in Europe for architectural indoor lighting just over a month ago, and is the second such announcement in the Pacific region in as many weeks following last week’s acquisition of Australia-based lighting company Dynalite.