Royal Philips (AEX: PHI, NYSE: PHG) announced today that it has acquired New Zealand-based Selecon, a global designer, manufacturer and distributor of professional theatrical and architectural lighting fixtures. Under the terms of the agreement, Philips will acquire the business assets of Selecon New Zealand Limited, Selecon UK Limited, Selecon North America LLC, and Aureol Lighting Limited. No financial details on the transaction were disclosed.
"We were approached by Philips because of the commitment and achievements of the Selecon team over the last 24 years," says Jeremy Collins, general manager of Selecon. "The success Selecon has achieved is in a great part due to the support we have received over the years from our local theatres on both sides of the Tasman, and our ability to harness the skills of New Zealand's specialist manufacturing industry to develop new product and take it to a world market. We are looking forward to building on the increased market access that this move will provide."
"It is important to Selecon that we recognise the role of our loyal New Zealand and Australian lighting markets in our success,” Collins adds. “This has allowed Selecon to grow internationally and become of relevance to a major global player like Philips."
Steve Carson of Philips Entertainment Lighting, says, "We are delighted to add the broad complementary product range of Selecon to Philips. Selecon brings new depth to our product offering and extends it with the Artis range of high performance architectural lighting products."
"Despite challenging economic times, this strategic move demonstrates our commitment to and confidence in growing our global entertainment and display lighting markets,” Carson adds.
The acquisition of Selecon follows the acquisition of Italy-based Ilti Luce Srl, one of the leading LED design companies in Europe for architectural indoor lighting just over a month ago, and is the second such announcement in the Pacific region in as many weeks following last week's acquisition of Australia-based lighting company Dynalite.