(USA) – The acquisition sees Signify strengthen position in US market.
Signify has entered into a definitive agreement with Eaton to acquire Cooper Lighting Solutions for $1.4 billion, the company has announced.
Closing is subject to regulatory approvals and other customary conditions, and is expected to take place in the first quarter of 2020.
Headquartered in Peachtree City, GA, Cooper Lighting Solutions provides professional lighting, lighting controls and connected lighting. The business offers a large breadth of products and applications, both in the indoor and outdoor markets, sold under brands such as Corelite, Halo, McGraw-Edison and Metalux. The business generated $1.7 billion in sales in 2018, of which 84% were LED-based.
“Today’s announcement confirms the strategic importance of the North American market for Signify. This acquisition will substantially strengthen our position in this attractive market,” said Eric Rondolat, CEO of Signify. “We look forward to welcoming the team from Cooper Lighting. They have built a high-performance company based on professionalism, truly innovative offers and a long and strong relationship with their customers.
“We will join forces to further develop connected lighting and provide our customers with the highest level of service while optimising operational efficiencies.”
The acquisition is in line with Signify’s wider strategy to expand in attractive markets, enhancing its position in the North American market, and improving the business mix. Together, the two businesses will be better positioned to benefit from the growing professional lighting market in North America, driven by the continuous conversion to LED and the increased demand for connected lighting systems and controls.
Signify and Cooper Lighting will maintain separate front offices: sales forces, agent networks, product and brand portfolios, marketing and product development teams. Both businesses will be able to strengthen their respective product portfolios, benefitting from an increased power of innovation, as well as more competitive and cost-effective offerings.