Daily Management Review

Philips Lighting will change its name to Signify


03/16/2018


Philips Lighting will change its name to Signify. The new name underscores new opportunities for providing lighting.



Mike Mozart
Mike Mozart
"Light today has become clever, it can integrate into systems, collect and transfer data and change the idea of the possibilities of light," - says Philips Lighting. Under the terms of the licensing agreement with Royal Philips, the company will continue to produce products under the Philips brand.

"We are pleased to announce the company's name change - a step that will be a new stage in our development path. The new name accurately reflects our strategic concept and gives an amazing opportunity to present an updated and unique corporate identity that will continue to unite 32 thousand of our employees. At the same time, we are proud that we will continue to make products under the Philips brand, "said Philips Lighting CEO Eric Rondolat.

Philips Lighting is more than 125 years old. It starts with its foundation by Gerard Phillips in the Dutch city of Eindhoven in 1891.

The change of name Philips Lighting satisfies the terms of the license agreement with Royal Philips about the company name, according to which the company should change its name, if Royal Philips no longer owns a controlling stake. Due to the company name change, the proposal to amend the Philips Lighting Charter will be presented at the annual shareholders meeting, which will be held on May 15. The stock ticker Philips Lighting will remain unchanged (Euronext: LIGHT), Philips Lighting concludes.

As reported, since March 19, Philips Lighting shares will enter the main index of the Dutch stock exchange Euronext Amsterdam - AEX. The calculation of AEX includes the papers of 25 largest companies listed on Euronext Amsterdam

In May 2016, Royal Philips NV conducted an IPO of Philips Lighting, and then reduced its stake in this business to 29% and lost control of the company.

The sales volume of Philips Lighting in 2017 amounted to 6.965 billion euros, net profit - 281 million euros. The company employs 32,13 thousand employees in more than 70 countries. The capitalization currently exceeds 4.4 billion euros.

source: marketwatch.com






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