International. In order to adapt the company's name to new developments and technologies, Philips Lighting announced that it will now be called Signify. The choice of the new name of the company originates from the fact that light becomes an intelligent language that connects and conveys meaning.
The company will continue to use the Philips brand, the most trusted lighting brand in the world, under the existing licensing agreement with Royal Philips.
"We are excited to announce our company's new name as another step in our transformation journey. Our new company name is a clear expression of our strategic vision and a fabulous opportunity to present a new corporate look that is unique to us and will serve to further unite our 32,000 employees. At the same time, we remain proud to continue to use the Philips brand in our products," said Eric Rondolat, CEO of Philips Lighting.
Philips Lighting's roots go back more than 125 years to the business founded by Frederik and Gerard Philips in 1891 in the Dutch city of Eindhoven. Throughout its history, the company has been at the forefront of many of the lighting industry's major advancements. Today, it leads the industry worldwide in conventional, LED and connected lighting, with the world's largest network of connected lights.
The new company name meets the company's contractual requirements under the Company Name License Agreement with Royal Philips, which requires it to change less than 18 months after Royal Philips no longer has a controlling interest.
In view of the company's name change, a proposal to amend Philips Lighting's bylaws will be submitted to the Annual General Meeting of Shareholders to be held on 15 May. Philips Lighting's stock price will remain LUZ.
