The Genlyte Group Inc., a Louisville lighting manufacturer, has entered into a definitive merger agreement with Royal Philips Electronics. The agreement calls for Philips to acquire Genlyte in an all-cash transaction for approximately $2.7 billion.
The proposed transaction builds on Philips’ earlier acquisition of Color Kinetics and provides the Netherlands-based company with a leading position in the North American lighting market. Philips plans to build on Genlyte’s strong presence in the North American market to speed up the adoption of energy-saving lighting technologies.
Genlyte operates 37 plants across the U.S., Canada, Mexico and Germany. The company employs some 6,700 people, approximately 100 of who are located at the company’s Louisville headquarters. Philips plans to retain Genlyte’s corporate offices in Louisville and has said Genlyte employees and management will also remain in tact.
The transaction is expected to close in the first quarter of 2008.