The world leader in lighting Signify, announced that it has entered into a definitive agreement with Eaton to acquire Cooper Lighting Solutions for USD 1.4billion (approx.EUR 1,270million) in cash.
esClosing is subject to regulatory approvals and other customary conditions and is expected to take place in the first quarter of 2020.
Cooper Lighting Solutions, headquartered in Peachtree City, GA, United States, is a leading provider of professional lighting, lighting controls, and connected lighting.
CEO of Signify Eric Rondolat said “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”.
He further said “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 share a genuine passion and single focus for lighting and a successful track record in innovation. We will join forces to further develop connected lighting and provide our customers with the highest level of service while optimizing operational efficiencies.”
This acquisition is fully in line with Signify’s strategy to expand in attractive markets, enhancing Signify’s position in the North American market and improving the business mix.
Together, the two businesses will be better positioned to benefit from the growing USD 12 billion professional lighting market in North America, driven by the continued 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, benefiting from an increased power of innovation as well as more competitive and cost-efficient offerings.