First Brands acquires Lumileds lamps, accessories

Citing changing market conditions since the merger of Lumileds and Philips, Lumileds announced it has sold its lamps and accessories division to First Brands Group.

The move, Lumileds announced in a press release, allows Lumileds to focus on its core LED and MicroLED technology, which serves the automotive, general illumination, display and flash markets.

The deal came in at US$238 million and is expected to close before the first half of the year is up.

“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,” said Steve Barlow, Lumileds CEO. “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 deal, Lumileds’ automotive lamp factories in China, Germany, and Poland will be transferred to First Brands. However, Lumileds will retain its other facilities in the Netherlands, the United States, Malaysia, Singapore, Germany, and Jiaxing, China. The transaction is expected to be completed by the second quarter of 2024.