Signify (company)

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Signify N.V.
FormerlyPhilips Lighting N.V. (2016–2018)
TypeNaamloze vennootschap
IndustryLighting
PredecessorPhilips' lighting division
Founded3 May 2016; 5 years ago (2016-05-03)
HeadquartersEindhoven, Netherlands
Area served
Worldwide
Key people
  • Eric Rondolat (Chairman, CEO)
  • Javier van Engelen (CFO)
Products
Revenue€6.220 billion (2019)[1]
€267 million (2019)[1]
Number of employees
32,005 (2019)[1]
Websitewww.signify.com

Signify N.V., formerly known as Philips Lighting N.V., is a Dutch multinational lighting corporation formed in 2016 as a result of the spin-off of the lighting division of Philips. The company manufactures electric lights and light fixtures for consumers, professionals and the IoT. In 2018, Philips Lighting changed its name to Signify, though the company still produce the lights under the Philips brand.

History[]

In September 2014, Philips announced that the company intended to demerge the company into two market-leading entities, one focused on health and medical technology and the other on connected LED lighting solutions.[2]

On 3 May 2016, Philips announced the formation of the separated company called Philips Lighting N.V.. Philips stated that the main reason for the demerger was that the medical technology business accounted for more than 40% of sales, while its lighting solutions arm remained a major money-spinner, selling products in 180 countries.[3] The separated entity had an initial public offering on 27 May 2016, valued at $3.4 billion; 25% of the shares were offered. The company listed on Euronext Amsterdam under ticker code "LIGHT".[4]

In March 2018, Philips Lighting announced that the company would change its name to Signify, which became effective on 16 May 2018. However, Signify continued to produce its lighting products under the Philips brand.[5][6]

On 16 April 2019, Signify acquired the Hong Kong-based Wi-Fi connected lighting solutions provider, WiZ Connected, for an undisclosed amount.[7]

On March 2, 2020, Eaton sold its lighting business to Signify. [8]

Products[]

Signify manufactures lighting-related products, mainly under the Philips brand (used under license), but also as Interact, Philips Hue, Color Kinetics and WiZ, among others. Signify's portfolio consists of electric lights and the IoT platform and connected lighting systems aimed at consumers and professionals.

References[]

  1. ^ Jump up to: a b c "Signify Annual Report 2019" (PDF). Signify Results. 25 February 2020. Retrieved 26 January 2021.
  2. ^ Enriquez, Jof (25 September 2014). "Philips To Spin Off Lighting, Focus On Healthcare". Med Device Online. Retrieved 26 January 2021.
  3. ^ "Philips to Spin off Lighting Branch in 'Historic' IPO". IndustryWeek. 3 May 2016. Retrieved 26 January 2021.
  4. ^ Tompkins, Jules (27 May 2016). "Philips Lighting spun off in IPO, now world's largest lighting company". Regency Lights. Retrieved 26 January 2021.
  5. ^ Halper, Mark (15 May 2018). "Philips Lighting's identity fades into Signify tomorrow". LEDs Magazine. Retrieved 26 January 2021.
  6. ^ "Philips Lighting is now Signify". Signify Press Releases. 16 May 2018. Retrieved 26 January 2021.
  7. ^ "Signify acquires WiZ Connected to further expand its leadership in connected lighting". Signify Press Releases. 16 April 2019. Retrieved 26 January 2021.
  8. ^ https://www.eaton.com/us/en-us/company/news-insights/news-releases/2020/eaton-completes-the-sale-of-its-lighting-business-.html#:~:text=Power%20management%20company%20Eaton%20(NYSE,LED%20lighting%20and%20control%20solutions.

External links[]

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