(China) – Feilo and Havells Holdings agree on 80% stake to create new global lighting organisation Feilo Sylvania.
Havells Holdings Limited, a subsidiary of Havells India Ltd, has agreed a deal with Shanghai Feilo Acoustics Co Ltd to divest an 80% stake in Havells Sylvania. The new organisation will be known as Feilo Sylvania.
Mr Zhuang ShenAn, General Manager Shanghai Feilo Acoustics Limited, commented: “Feilo is proud to partner with Sylvania to create a world leading lighting company. Feilo will contribute to Sylvania through a wide portfolio of competitive LED products, technologies, project capabilities and financial strength. Combined with Sylvania’s world-wide local offering, we will leverage an immense potential for aggressive growth and profitability.”
Christian Schraft, Global CEO Feilo Sylvania commented: “This deal presents a unique opportunity for all parties involved. Specifically, Havells Sylvania offers three strong brands, broad sales and distribution networks and a well-established operational system across the regions. Being an entrepreneurial and market driven organisation we are exceptionally well placed to ensure Shanghai Feilo’s aggressive growth plans will become a reality. It really is a triple-win situation. Now that the deal has been completed, I am very pleased to confirm that we will be attending Light+Building 2016 and unveiling our new Feilo Sylvania branding – we look forward to welcoming the industry to our booth.”
Feilo is a listed company with key shareholding held by Inesa Limited, a State Owned Enterprise (SoE) of Shanghai Government. Havells Holding Limited will continue to hold the remaining 20% stake with exit options in the next three-five years.
Feilo brings a considerable amount of technological knowledge to the table and has the ability to increase the size of Sylvania’s operations. The new partnership is exciting for Sylvania, its employees, customers and vendors as the company is now well positioned to capitalise upon emerging opportunities in a disruptive global lighting industry. Havells Holding Limited will continue to partner and work along with Feilo to realise their shared vision of a stronger, bigger and global Sylvania.
Feilo Sylvania will be attending Light+Building 2016, 13-18 March 2016 in Hall 4.1, Booth E31.