News: LEDs
20 May 2024
Lumileds selling Lamps and Accessories business to First Brands Group
LED product and lighting maker Lumileds of San Jose, CA, USA has agreed to sell its Lamps and Accessories business for $238m to First Brands Group LLC (a global automotive parts maker that serves the worldwide automotive aftermarket). Under First Brands, the Lamps and Accessories business will continue to expand its global offerings and position its products and brands in the automotive accessories sector. The sale is expected to close in second-quarter 2024.
“The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business so compelling nearly a decade ago have changed as transportation manufacturers have adopted LEDs as their standard light source and traditional automotive light sources have transitioned to primarily an automotive aftermarket business,” says Lumileds’ CEO Steve Barlow. “Our Lamps and Accessories and our LED businesses are industry leaders in their respective markets and will be free to focus on the ongoing growth of their unique brands, channels, and customers.”
As part of the acquisition, Lumileds automotive lamps factories in China, Germany and Poland will transfer with the Lamps and Accessories business. Lumileds will retain its factories and sites in The Netherlands, USA, Malaysia, Singapore, Germany and Jiaxing, China.
