Philips Lighting: buys Chinese urban lighting firm LiteMagic

(CercleFinance.com) - Philips Lighting said on Monday that it will buy LiteMagic Technologies, a provider of lighting and control systems for urban and facade lighting which is based in Shenzhen, China.


With this acquisition, the world's biggest lighting company plans to expand its portfolio and capture growth in the large and rapidly growing market for urban lighting in China.

Founded in 2004, LiteMagic Technologies generated annual sales of approximately 32 million euros in 2017.

The transaction is scheduled to be closed in the third quarter of 2018, Philips Lighting said in a statement. It did not provide the financial terms of the deal.

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