Philips Lumileds and Future Electronics Restructure Principal Distribution Agreement
SAN JOSE, Calif.--(BUSINESS WIRE)-- Philips Lumileds and Future Lighting Solutions, a division of Future Electronics, announced today they have restructured their long-standing distribution agreement. The new arrangement allows both companies to build upon their long-standing relationship while creating new opportunities for additional partnerships.
The new agreement builds on a relationship that has enabled the growth for both companies through the development of solid-state lighting solutions worldwide. "Our restructured agreement allows us to continue our collaboration with a long-term, trusted and successful partner. With the new agreement, we are able to serve the needs of our growing customer base and carry on our widespread expansion into new target markets," said Pierre-Yves Lesaicherre, CEO Philips Lumileds.
The Philips Lumileds and Future Lighting Solutions partnership will continue to provide customers with access to the world's most comprehensive portfolio of application specific LED solutions. Philips Lumileds will now have the opportunity to distribute and sell its LED products through additional partners in various regions. Future Lighting Solutions will now have the opportunity to distribute other suppliers' solid-state lighting lines.
"Philips Lumileds will continue to be a valued partner for us. We at Future Lighting Solutions will now have the opportunity to expand our portfolio of products in order to address the needs of our lighting customers. We are excited with this development," said Gerry Duggan, Executive Vice President, Future Electronics.
About Royal Philips Electronics
Royal Philips Electronics (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2011 sales of EUR 22.6 billion and employs approximately 122,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming, home and portable entertainment and oral healthcare. News from Philips is located atwww.philips.com/newscenter.
Philips Corporate Communications
Amy Shanler, 978-659-4463
KEYWORDS: United States North America California Massachusetts
The article Philips Lumileds and Future Electronics Restructure Principal Distribution Agreement originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.