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Philips has reached an agreement with TIR Systems Ltd. under which it will
acquire all of the outstanding shares of TIR Systems for a total
consideration of approximately EUR 49 million.
TIR Systems, based in Vancouver, Canada, is a leading company in Solid State
Lighting (SSL) technology for products that generate high quality white
light. The company is commercializing its newly-developed Lexel technology
for SSL-based spotlighting with a platform of fully integrated SSL modules.
Supporting the company's technology and products is a solid and sizeable
intellectual property portfolio that, when integrated into Philips'
substantial SSL patent portfolio, will create a strong competitive
advantage.
Supporting TIR's technology and products is a solid and sizeable white light
enabling intellectual property portfolio that, when integrated into Philips'
substantial SSL patent portfolio, is expected to create a formidable
competitive advantage. The addition of TIR's products to Philips' SSL
product line strengthens Philips' position as a leader in SSL, which is
expected to be the fastest growing segment of the lighting market over the
next two decades.
"We are pleased to strengthen our position in Solid State Lighting through
this acquisition," Peter van Strijp, Chief Executive of the Solid State
Lighting business unit of Philips Lighting, said. "Through the successful
integration of Lumileds in 2005, we ensured a leading position in Light
Emitting Diodes (LEDs) for the general lighting market, and through the
acquisition of TIR Systems we now strengthen our position in delivering
integrated lighting products to lighting fixtures manufacturers. Our focus
will now be on making lighting products that utilize TIR Systems' Solid
State Lighting modules widely available."
"This transaction provides immediate value to TIR shareholders as well as
the support of a world-class lighting partner, enabling TIR to expand its
Solid State Lighting strategy," said Leonard Hordyk, Chief Executive Officer
of TIR. "We are excited to be a centre of excellence in an organization
that shares our vision for Solid State Lighting and recognizes the strength
of our technology, intellectual property and people. TIR will continue to
maintain its existing relationships with its OEM consortium and remains
committed to its established products, such as Destiny, ColorTrace,
LightMarkŠ and Light Pipe."
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