International. Signify announced the acquisition of the 51% stake in Zhejiang Klite Lighting Holdings Co., Ltd. This company, based in Zhejiang Province, China, is one of the leading suppliers of high-quality LED lamps and luminaires.
The transaction will bring greater capacity for scale and innovation to Klite Lighting, which will generate greater cost efficiencies and improve the development of its products, including the connected lighting offering. It will also strengthen Klite Lighting's position to serve private label and other brand clients with innovative and more profitable products.
Klite Lighting has been one of Signify's leading suppliers of high-quality and highly cost-effective LED lamps and luminaires for many years. In addition to this, the company manufactures a wide variety of LED lamps and luminaires for a large global customer base, which generated around 250 million euros in sales to third parties in 2018.
The transaction, which is subject to customary closing conditions, is expected to be concluded in the second half of 2019, after which Klite Lighting will continue to operate as an independent entity.
