Signify has completed the acquisition of Cooper Lighting Solutions from Eaton. The transaction strengthens Signify’s market position and better positions the company to capture growth in the North American lighting market. Signify is a global leader in lighting for professionals and consumers and lighting for the Internet of Things. The company’s Philips products, Interact connected lighting systems, and data-enabled services aim to deliver business value and transform buildings and public spaces.
Eric Rondolat, CEO of Signify, said, “We’re very excited to welcome Cooper Lighting to Signify and to start working together. Since the announcement of the transaction on October 15, the teams have been working hard to prepare the integration plans and are now ready to move fast to realize the synergies. Together, we will drive innovation, advance in connected lighting and systems, creating significant value for our customers. And it will give us the scale and operational efficiencies to make our offerings even more competitive.”
Cooper Lighting Solutions President, Kraig Kasler, said, “We could not be more excited to officially become part of the world leader in lighting. Bringing together two businesses that share a vision on where the industry is headed and a purpose to drive sustainable growth in North America and beyond, will result in significant benefits for our customers, our employees and all our stakeholders.” Kasler will continue to lead the Cooper Lighting Solutions business unit within Signify.
Signify acquired Cooper Lighting for US$1.4 billion on a cash and debt-free basis. Cooper Lighting, based in Peachtree City, GA, Unite generated¹ EUR 1,477 million of sales, Adjusted EBITA of EUR 150 million and EBITA of EUR 165 million in 2019.
1 Based on standalone carve-out financial information