Royal Philips Electronics announced that it has reached an agreement with TIR Systems Ltd. under which Philips will acquire all of the outstanding shares of TIR Systems for approximately $75 million (Cdn).TIR Systems, based in Vancouver, Canada, is a leading company in Solid State Lighting (SSL) technology for products that generate high quality white light. The company is commercializing its newly-developed Lexel technology for SSL-based spotlighting with a platform of fully integrated SSL modules.
We are pleased to strengthen our position in Solid State Lighting through this acquisition, Peter van Strijp, Chief Executive of Philips Lightings Solid State Lighting business unit, said. Through the successful integration of Lumileds in 2005, we ensured a leading position in Light Emitting Diodes (LEDs) for the general lighting market, and through the acquisition of TIR Systems we now strengthen our position in delivering integrated lighting products to lighting fixtures manufacturers. Our focus will now be on making lighting products that utilize TIR Systems Solid State Lighting modules widely available.
The transaction is subject to the terms and conditions of the merger agreement and to the approval of TIR shareholders and is expected to close in the second quarter of 2007.