Philips acquires TIR Systems; a Canadian manufacturer of Solid State Lighting modules

 

Amsterdam, The Netherlands and Vancouver, Canada – Royal Philips Electronics (NYSE:PHG, AEX:PHI) today 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 a total consideration of approximately C$ 75 million, or approximately EUR 49 million, to be paid in cash upon completion. This 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.

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. Supporting the company’s technology and products is a solid and sizeable intellectual property portfolio that, when integrated into Philips’ substantial SSL patent portfolio, will create a strong competitive advantage. Acquiring TIR Systems will strengthen Philips’ leadership position in the fast-growing market of Solid State Lighting.

 

“We are pleased to strengthen our position in Solid State Lighting through this acquisition,” Peter van Strijp, Chief Executive of Philips Lighting’s 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.”

 

TIR Systems is publicly traded on the Toronto Stock Exchange.

 

For more information, please contact:

Arent Jan Hesselink

Philips Corporate Communications
Tel:  +31 20 59 77415   
Email:  arentjan.hesselink@philips.com


About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 30.3 billion in 2004. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,100 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter


About TIR Systems Ltd.

TIR Systems Ltd., a world leader in Solid State Lighting (SSL), is building the foundations for tomorrow’s lighting. TIR developed the Lexel®, which is the first, fully integrated, LED-based light source, designed specifically to produce high quality white light essential for general lighting applications. The benefits of the Lexel technology will encourage a more rapid adoption of Solid State Lighting and the Lexel is positioned to become a new standard in the global lighting market. To find out more about TIR Systems Ltd. (TSX: TIR), visit www.tirsys.com


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