Signify acquires U.S. wired control systems manufacturer Intelligent Lighting Controls, expanding connected portfolio

Rhea-AI Summary

On March 1, 2023, Signify, the global leader in lighting, announced its acquisition of Intelligent Lighting Controls, Inc. (ILC), a U.S. manufacturer of wired control systems. This strategic move aims to expand Signify's connected portfolio, particularly in energy-saving solutions across sectors like healthcare and education. Founded in 1990, ILC will continue operations from Edina, Minnesota, and its products will be integrated into Cooper Lighting Solutions, a division of Signify. While financial terms of the transaction were not disclosed, the acquisition is expected to enhance Signify's offerings in the North American market, targeting increased sales of energy-efficient LED products.

Positive

• Acquisition of Intelligent Lighting Controls strengthens Signify's connected portfolio.
• Expansion into energy-saving solutions for healthcare, education, and other sectors.
• Potential for increased sales of LED products in North America.

Negative

• None.

EINDHOVEN, Netherlands, March 1, 2023 /PRNewswire/ -- Signify (Euronext: LIGHT), the world leader in lighting, today announced the acquisition of Intelligent Lighting Controls, Inc. (ILC), a market-leading U.S. manufacturer of wired control systems, expanding its connected portfolio.  

Intelligent Lighting Controls' sales are primarily focused on energy-saving control systems in applications such as healthcare, education, offices, and sporting venues. ILC, which was founded in 1990, will continue to be headquartered and maintain its manufacturing in Edina, Minnesota.  

Going forward, ILC will sell its brand of wired control systems as part of Cooper Lighting Solutions, a business unit of Signify's Digital Solutions division. ILC's wired control systems expand the Cooper Lighting Solutions portfolio of energy-saving solutions, providing enhanced opportunities to sell a broad range of energy efficient LED lighting products in the U.S., Canada and Mexico.  

"We are delighted to welcome Intelligent Lighting Controls to the Signify family. With ILC's talented team and proven track record, we are adding a well-established technology and competitive offering to fuel the uptake of energy-saving solutions in the attractive North American market," said Kraig Kasler, President of Cooper Lighting Solutions.   

The financial terms of the transaction were not disclosed. 

For further information, please contact:   

Cooper Lighting Solutions Communications  
Karin Lehn  
Tel: +1 919 451 7760 
E-mail: karin.lehn@cooperlighting.com  

Signify Corporate Communications  
Abigail Levene  
Tel: +31 6 2939 3895  
E-mail: abigail.levene@signify.com  

About Signify  

Signify (Euronext: LIGHT) is the world leader in lighting for professionals and consumers and lighting for the Internet of Things. Our Philips products, Interact connected lighting systems and data-enabled services, deliver business value and transform life in homes, buildings and public spaces. In 2022, we had sales of EUR 7.5 billion, approximately 35,000 employees and a presence in over 70 countries. We unlock the extraordinary potential of light for brighter lives and a better world. We achieved carbon neutrality in our operations in 2020, have been in the Dow Jones Sustainability World Index since our IPO for six consecutive years and were named Industry Leader in 2017, 2018 and 2019. News from Signify is located at the Newsroom, Twitter, LinkedIn and Instagram. Information for investors can be found on the Investor Relations page.   

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SOURCE Signify

FAQ

What company did Signify acquire on March 1, 2023?

Signify acquired Intelligent Lighting Controls, Inc. (ILC) on March 1, 2023.

What is the strategic importance of the Signify and ILC acquisition?

The acquisition enhances Signify's connected portfolio and energy-saving solutions in North America.

How does the acquisition of ILC impact Signify's product offerings?

ILC's wired control systems will be integrated into Cooper Lighting Solutions, expanding energy-efficient product offerings.

What sectors will benefit from Signify's acquisition of Intelligent Lighting Controls?

Beneficiary sectors include healthcare, education, offices, and sporting venues.

Did Signify disclose the financial terms of the acquisition?

No, the financial terms of the acquisition of ILC were not disclosed.