LOS ANGELES — Royal Philips Electronics — commonly known as Philips — today announced it will acquire Lighting Technologies International, a U.S. manufacturer of high-power xenon lamps for the entertainment industry.
The transaction is expected to close in the fourth quarter of 2007. Upon closing, LTI will become part of Philips’ special lighting applications business group. No financial details on the transaction were disclosed.
Founded in 1999, LTI has quickly grown to become a leading supplier of cinema projection lighting in the United States, which can be traced in part to its high-power Helios xenon lamps.
Headquartered just outside of Los Angeles, LTI employs approximately 130 people. The company’s sales grew approximately 40 percent per year during the past four years, and LTI is forecasting sales for 2007 of approximately $20 million.
The company’s products include xenon, ceramic xenon and metal halide lamps, which also are used in theaters, concerts and famous landmarks, such as the Towers of Light at New York City’s ground zero, the U.S. space shuttle launch site, the Eiffel Tower and Egypt’s Pyramids of Giza.
“LTI has been highly successful in building up a strong presence in applications for high-power xenon lamps that will round out Philips’ portfolio of xenon lamps — which, until now, did not include high-power applications. This will allow us to better access the growing and profitable entertainment lighting market,” said Bas van de Kieft, CEO of Philips’ Special Lighting Applications business group.