Philips acquires PLI

Philips has acquired the Belgian manufacturer of household lighting, Partners in Lighting International (PLI), from CVC Capital Partners in a cash transaction worth € 590 mio. The transaction is still awaiting the consent of the competition authority. With brands such as Massive, Cucina and Aqua, PLI regards itself as a leading player in the European market for household lighting. In 2006 the company, which employs around 4 700 people, is expected to record sales of approx. € 400 mio, an increase of roughly 6 per cent over the previous year.