AMSTERDAM: Signify , the Dutch-based lighting company, has agreed to buy U.S. firm Cooper Lighting Solutions from Eaton Corp. for US$1.4 billion in cash to boost its presence in North America.
The deal aims to boost Signify's position in the global professional lighting market, where it is the No.2 player and in North America, where it suffers from a lack of scale and competes with rivals like Acuity Brands Inc. , CFO Stephane Rougeot said. "With Cooper we are getting a very large player in North America professional. They have great market positions, they have a large agent network, they have very deep customer relationships, they have great brands over there."The deal is expected to close in the first quarter of 2020 pending regulatory approvals.
It reported 2018 sales of US$1.7 billion, and earnings before interest, taxes, depreciation and amortization of US$187 million.
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