Philips eyes Saudi market with major acquisition

March 17, 2014
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A Phillips logo/FILE
A Phillips logo/FILE
THE HAGUE, Mar 17 – Dutch electrical goods giant Philips on Monday announced a major acquisition in Saudi Arabia as it seeks to bolster its position in one of the major economies of the region.

Philips said it had bought a 51-percent stake in the General Lighting Company, one of the Kingdom’s top lighting firms, for $235 million (169 million euros).

The new firm, which will employ some 1,300 people, is to be called Philips Lighting Saudi Arabia, the Dutch company said in a statement.

Philips said it was hoping to benefit from double-digit growth by 2018 in Saudi Arabia, where it has had a presence for nearly 80 years.

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