Philips To Acquire Lighting Technologies International

Royal Philips Electronics (Philips) has announced it will acquire Lighting Technologies International (LTI). The transaction is expected to close in the fourth quarter of 2007. Upon closing, LTI will become part of Philips’ Special Lighting Applications business group. No financial details on the transaction were disclosed.

Founded in 1999, LTI has quickly grown to become a leading supplier of cinema projection lighting in the US, which can be traced in part to its high-power Helios® xenon lamps, for which the company has filed patents. The unique energy-efficient design of the Helios xenon lamp provides the same illumination as competing high-power lamps, but has 30% lower operating costs due to its lower energy consumption. Helios xenon lamps therefore give off less heat than competing products, making the technology easier on films and particularly well-suited for cinema projection.

Headquartered just outside of Los Angeles, California, LTI employs approximately 130 people. The company’s sales grew approximately 40% per year over the last four years, and LTI is forecasting sales for 2007 of approximately USD 20 million. The company’s product portfolio includes xenon, ceramic xenon, and metal halide lamps, which are also used in theatres, concerts and famous landmarks, such as the Towers of Light at New York City’s World Trade Center site, the US Space Shuttle launch site, the Eiffel Tower in Paris, and Egypt’s Pyramids of Giza.

“LTI has been highly successful in building up a strong presence in applications for high-power xenon lamps that will round out Philips’ portfolio of xenon lamps, which until now did not include high-power applications. This will allow us to better access the growing and profitable entertainment lighting market, which we can build on outside the US through Philips’ global sales and distribution network,” explains Bas van de Kieft, CEO of Philips’ Special Lighting Applications business group.