Signify acquires Pierlite to strengthen Australian and New Zealand lighting market position
Signify has announced that it has reached a definitive agreement with Australia's Gerard Lighting Group to acquire Pierlite.
Signify has a comprehensive Philips interior and exterior lighting portfolio, and Pierlite has strong customer relationships and an excellent interior lighting portfolio. The combination of the two will expand Signify's products and market coverage in the Pacific region.
Signify said, "We also see the potential for Signify's brands such as Interact and Dynalite control systems to develop synergistically with the Pierlite business. In addition, Pierlite has extensive wholesale channels that complement our channel strategy in the Pacific region." It is reported that Pierlite has been deeply involved in the Pacific market for more than 70 years and has a strong regional network.
Signify said that the acquisition is in line with the company's market expansion strategy, which will help the brand to deeply cultivate high-potential market segments, and realize the powerful combination of the company's R&D and innovation capabilities with the professional strength and regional network of Australian local brands.
The acquisition will also help Signify strengthen its position in the lighting market in Australia and New Zealand and create business growth opportunities, including the Pierlite lighting product portfolio and Signify's smart connected lighting solutions. The acquisition is expected to close in the second quarter, subject to customary trading conditions.