Signify takes majority stake in Chinese LED luminaire provider

July 26, 2019 //By Julien Happich
LED luminaire
Signify announced it is to acquire a 51% stake in Zhejiang Klite Lighting Holdings Co., Ltd, a chinese manufacturer of high-quality, cost-efficient LED lamps and luminaires.

The transaction will bring additional scale and innovation power to Klite Lighting, allowing it to generate further cost efficiencies and enhance its product development, including connected lighting offerings. This will strengthen Klite Lighting’s position to serve branded and private label customers with innovative and cost-efficient LED luminaires.

“We’re pleased to join forces with Klite Lighting as this move will strategically strengthen our position in the supply chain of LED lamps and luminaires,” said Rowena Lee, Business Group Leader LED at Signify. “Our combined expertise, innovation power and distribution scale will help to deliver cost-efficient innovations to customers faster, including connected lighting offerings. In addition, this acquisition will allow us to capture value from the growing private label segment.”

Klite Lighting has been one of Signify’s main suppliers of high-quality and very cost-efficient LED lamps and luminaires for many years. In addition, the company manufactures a wide range of LED lamps and luminaires for a large, global customer base, which generated around EUR 250 million in sales to third parties in 2018.

The transaction, which is subject to customary closing conditions, is expected to close in the second half of 2019, after which Klite Lighting will continue to operate as a standalone entity.

Signify - www.signify.com

Klite Lighting - www.klite.cn


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