Signify (company)

Signify N.V., formerly known as Philips Lighting N.V., is a Dutch multinational lighting corporation formed in 2016 as a result of the spin-off of the lighting division of Philips. The company manufactures electric lights and light fixtures for consumers, professionals and the IoT. In 2018, Philips Lighting changed its name to Signify, though the company still produce the lights under the Philips brand.

Signify N.V.
FormerlyPhilips Lighting N.V. (2016–2018)
TypePublic
IndustryLighting
PredecessorPhilips' lighting division
Founded3 May 2016 (2016-05-03)
HeadquartersEindhoven, Netherlands
Area served
Worldwide
Key people
  • Eric Rondolat (Chairman, CEO)
  • Javier van Engelen (CFO)
Products
Revenue€6.220 billion (2019)[1]
€267 billion (2019)[1]
Number of employees
32,005 (2019)[1]
Websitewww.signify.com

History

In September 2014, Philips announced that the company intent to spun-off the company into two market-leading entities, one will focused on health and medical technology and the another that make its move to connected LED lighting solutions.[2]

On 3 May 2016, Philips announced the formation of the separated company called Philips Lighting N.V.. Philips stated that the main reason of the spun-off agenda is that the medical technology business accounted more than 40% of sales, while its lighting solutions arm remains a major money-spinner which selling products in 180 countries worldwide.[3] The separated entity has began the initial public offering on 27 May 2016 with an offering value at $3.4 billion and 25% stake. The company occurred the share listing on Euronext Amsterdam under ticker code "LIGHT".[4]

In March 2018, Philips Lighting announced that the company will changed the name to Signify, which became effective on 16 May 2018. However, Signify continues to produce its lighting products under the Philips brand. Signify also expects that the name change will be implemented in all countries where it is active, which was occurred in the beginning of 2019.[5][6]

On 16 April 2019, Signify acquired the Hong Kong-based Wi-Fi connected lighting solutions provider, WiZ Connected with an undisclosed amount.[7]

Products

Signify manufactures the lighting-related products, mainly under the Philips brand (which used under license), as well as Interact, Philips Hue, Color Kinetics and WiZ, among others. Signify's portfolio comprsises of electric lights and the IoT platform and connected lighting systems that aimed for consumers and professionals.

References
  1. "Signify Annual Report 2019" (PDF). Signify Results. 25 February 2020. Retrieved 26 January 2021.
  2. Enriquez, Jof (25 September 2014). "Philips To Spin Off Lighting, Focus On Healthcare". Med Device Online. Retrieved 26 January 2021.
  3. "Philips to Spin off Lighting Branch in 'Historic' IPO". IndustryWeek. 3 May 2016. Retrieved 26 January 2021.
  4. Tompkins, Jules (27 May 2016). "Philips Lighting spun off in IPO, now world's largest lighting company". Regency Lights. Retrieved 26 January 2021.
  5. Halper, Mark (15 May 2018). "Philips Lighting's identity fades into Signify tomorrow". LEDs Magazine. Retrieved 26 January 2021.
  6. "Philips Lighting is now Signify". Signify Press Releases. 16 May 2018. Retrieved 26 January 2021.
  7. "Signify acquires WiZ Connected to further expand its leadership in connected lighting". Signify Press Releases. 16 April 2019. Retrieved 26 January 2021.
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