Philips Lighting announced its acquisition of Shenzhen LiteMagic Technologies Co., Ltd., a Chinese manufacturer and seller of lighting luminaires and control systems for urban and façade lighting. With this acquisition, Philips Lighting expands its high-end portfolio of façade lighting with a complementary portfolio of luminaires and control systems to capture growth in the mid segment of the urban market. It also helps the company to better capitalize on the large and fast-growing market for urban lighting in China.
Founded in 2004, LiteMagic Technologies is located in Shenzhen and its broad and cost-competitive product portfolio is complementary to that of Philips Lighting. LiteMagic Technologies is able to swiftly implement city-wide lighting projects and customize products to meet its customers’ needs. The company will continue to operate in China under the LiteMagic brand name.
“The acquisition is in line with our global strategy to grow both organically and through selected acquisitions,” said Harsh Chitale, Business Group Leader Professional at Philips Lighting. “Urban lighting is a growing and attractive market and with the acquisition of LiteMagic Technologies we are strengthening our leadership position.”
“LiteMagic Technologies has a strong foothold in many cities in China and significant expertise in urban lighting. Together we will bring our complementary and comprehensive portfolio of products, systems and services to the growing number of cities in China looking to turn buildings, bridges and boulevards into beautiful public spaces at night,” said John Wang, Market Group Leader Greater China at Philips Lighting.
“We are excited to become part of Philips Lighting and look forward to working together to add value and increase market share in the fast-growing urban lighting market in China,” said Rick Liu, General Manager of LiteMagic Technologies.