|PHILIPS ACQUIRES NCW HOLDINGS LTD|
|Published Tuesday, December 7, 2010|
Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has acquired the privately owned NCW Holdings LTD (NCW). Headquartered in Hong Kong and with a manufacturing subsidiary in mainland China, NCW is a leading designer, manufacturer and distributor of LED, conventional entertainment lighting and lighting control solutions for global markets. No financial details on the transaction were disclosed.
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NCW will be integrated into the Entertainment business segment of Philips Professional Luminaires, adding to an existing portfolio of highly successful entertainment lighting solutions from leading brands like Vari-Lite, Strand and Selecon.
“NCW will further broaden our global portfolio of solutions for the entertainment market,” said Rudy Provoost, Chief Executive Officer of Philips Lighting. “NCW will add considerably to the palette of creative lighting solutions we can provide customers such as theaters, concert producers, television studios and sports events. Furthermore, this acquisition will grow our footprint in the Chinese entertainment market, as well as build further on our leading position in LED lighting solutions.”
NCW, founded in 1992 and currently employing around 450 people, specializes in indoor and outdoor theatrical LED lighting and control solutions for the entertainment market. NCW is active throughout Asia, Europe and North America. Over the past few years, the company has seen rapid growth in its lighting business, fueled by its focus on LED solutions, a trend that is expected to continue.
The acquisition of NCW follows the purchase of the New Zealand-based professional lighting entertainment company Selecon in 2009. Philips has also made recent acquisitions in China, with the incorporation of healthcare solutions providers Shanghai Apex in 2010 and Shenzhen Goldway in 2008.