Philips recently announced that it will acquire a wholly-owned LTI manufacturer in the United States for the production of high-intensity xenon lamps for the entertainment industry. The acquisition is expected to be completed in the fourth quarter of 2007, with an estimated amount of approximately $15 million.
According to the data, LTI was established in 1999 and has rapidly grown into a leading supplier of cinema lighting in the United States. In the past four years, the company's sales have grown by about 40% annually, and sales in 2007 are expected to reach about $20 million.
Kiefte, CEO of Philips Special Lights Division, said the acquisition will help Philips enter the more economical stage entertainment lighting market, thereby consolidating Philips' competitive position in the North American market and GE's lighting sector.
According to the data, LTI was established in 1999 and has rapidly grown into a leading supplier of cinema lighting in the United States. In the past four years, the company's sales have grown by about 40% annually, and sales in 2007 are expected to reach about $20 million.
Kiefte, CEO of Philips Special Lights Division, said the acquisition will help Philips enter the more economical stage entertainment lighting market, thereby consolidating Philips' competitive position in the North American market and GE's lighting sector.
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