Light Switch

Philips Holdings USA Inc. (New York) has entered into a definitive merger agreement with The Genlyte Group Inc. (Louisville, Ky.), which manufactures lighting fixtures, controls and related products for the commercial, industrial and residential markets. Philips, a fully owned subsidiary of Royal Philips Electronics NV (Amsterdam), will acquire Genlyte in an all-cash transaction for approximately $2.7 billion.

Genlyte's indoor and outdoor lighting products include incandescent, fluorescent and high-intensity discharge fixtures sold under such brand names as Alkco, Allscape, Ardee, Canlyte, Capri/Omega, Carsonite, Chloride Systems, Crescent, D'ac, Day-Brite, Gardco, Guth, Hadco, Hanover Lantern, High-Lites, Hoffmeister, Lam, Ledalite, Lightolier, Lightolier Controls, Lumec, Morlite, Nessen, Quality, Shakespeare Composite Structures, Specialty, Stonco, Strand, Thomas Lighting, Thomas Lighting Canada, Vari-Lite, Vista and Wide-Lite. Between 1998 and 2004 the company primarily operated as Genlyte Thomas Group LLC, its joint venture with Thomas Industries. In 2004, Genlyte bought out Thomas Industries' 32 percent stake in the venture to assume full ownership.

“This offer creates outstanding value for our stockholders and enables our management and talented associates to continue our successful strategy,” said Genlyte chairman, president and ceo Larry Powers. “This reflects the strength of Genlyte's brands, strong customer relationships and many years of successful growth in sales and earnings. We are especially pleased that we have the opportunity to build upon these assets as we join an entity that understands the lighting fixtures and controls industry and can bring us extensive creative solutions and financial resources to further grow our business.”