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AMSTERDAM , The Netherlands and BURLINGTON , Mass., Aug. 27 /PRNewswire/ -- Royal Philips Electronics (NYSE: PHG, AEX: PHI) today announced it has completed its acquisition of Color Kinetics Incorporated, a leader indesigning and marketing innovative lighting systems based on Light EmittingDiode (LED) technology. As a result of the transaction, Color Kinetics will befinancially consolidated with immediate effect within the Luminaires businessgroup of Philips' Lighting division.
The acquisition of Color Kinetics further bolsters Philips' strongintellectual property portfolio, adding important patents relating tointelligence and control technology for LED lighting. Color Kinetics also hasin excess of 15,000 professional installations worldwide and an array oflarge, industrial customers in professional channels. The acquisition of ColorKinetics builds on the acquisition of Lumileds in 2005, through which Philipsensured a leading position in high-power LEDs, and on the recent acquisitionof TIR Systems, which provided Philips with a strong line of fully-integratedSolid State Lighting (SSL)-modules used to deliver integrated lightingproducts to fixture manufacturers.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is aglobal leader in healthcare, lifestyle and technology, delivering products,services and solutions through the brand promise of "sense and simplicity."Headquartered in the Netherlands , Philips employs approximately 124,300employees in more than 60 countries worldwide. With sales of EUR 27 billion in2006, the company is a market leader in medical diagnostic imaging and patientmonitoring systems, energy efficient lighting solutions, personal care andhome appliances, as well as consumer electronics. News from Philips is locatedat http://www.philips.com/newscenter.
About Color Kinetics
Celebrating its 10th anniversary this year, Color Kinetics Incorporatedtransforms environments through new, dynamic uses of light. Its award-winninglighting systems and technologies apply the benefits of LEDs as a highlyefficient, long lasting, environmentally friendly, and inherently digitalsource of illumination -- reinventing light itself as a highly controllablemedium. Color Kinetics also enables widespread adoption of LED lightingthrough OEM and licensing partnerships in diverse markets. The company isheadquartered in Burlington , MA with offices in the UK and China . Moreinformation is available at http://www.colorkinetics.com.
This release may contain certain forward-looking statements with respectto the financial condition, results of operations and business of Philips andcertain of the plans and objectives of Philips with respect to these items. Bytheir nature, forward-looking statements involve risk and uncertainty becausethey relate to events and depend on circumstances that will occur in thefuture and there are many factors that could cause actual results anddevelopments to differ materially from those expressed or implied by theseforward-looking statements.
SOURCE Color Kinetics Incorporated