Signify to acquire GLG's Pierlite business
The Board of Gerard Lighting Group (GLG) has signed a contract for the sale of GLG’s Pierlite business to Signify N.V. (Signify), a leading multinational company focusing on lighting and technology solutions.
Formerly known as Philips Lighting and headquartered in the Netherlands, Signify provides lighting for professionals and consumers, as well as lighting for the Internet of Things (IoT). The company is active in more than 70 countries, with over 37,000 employees and annual 2021 sales of EUR6.9 billion. Its portfolio of well-known lighting brands includes Philips, Philips Dynalite, Philips Hue, Interact, Color Kinetics and WiZ.
GLG’s Pierlite business is one of Australia and New Zealand’s oldest and largest lighting and technology companies, with a portfolio of 14 brands that cater to commercial, industrial, healthcare and education customers. Pierlite’s solutions include a portfolio of LED luminaires, connected IoT ecosystems and Design on Demand solutions via its Beyond Light offering. In Australia and New Zealand, Pierlite also offers local design and engineering, scalable product assembly and a strong network of partners and suppliers, as well as what is said to be the Southern Hemisphere’s largest lighting laboratory.
In announcing the sale of Pierlite, GLG Chairman Ben Sebel said Signify’s scale and worldwide footprint will rapidly accelerate Pierlite’s growth and enable the business to better service the ANZ market.
“We’re very proud of the growth achieved by Pierlite in Australia and New Zealand over its 70-year history, bringing world-class lighting solutions to market, establishing a robust worldwide network of suppliers and partners, and importantly, delivering on large-scale projects to meet the needs of our customers,” Sebel said.
“This deal represents the beginning of the next chapter for Pierlite as it joins the Signify portfolio. This is a natural home for Pierlite, bringing together two companies with highly complementary operations and a deep culture of innovation. It brings significant opportunity for Pierlite to scale up its offering in the ANZ market, supported by the resourcing and capabilities of a world leader.”
Pierlite’s operations, including its workforce, management structure and existing pricing and supply arrangements will remain unchanged. The sale process is expected to be completed in the first half of 2022, subject to customary closing conditions.
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