AMSTERDAM (AP) — Signify, the Dutch company formerly known as Philips Lighting, says it is buying Cooper Lighting Solutions from Eaton Corp. for $1.4 billion (1.27 billion euros) in a move intended to strengthen its position in the North American market.
Signify said late Tuesday that the deal is expected to close in the first quarter of 2020 subject to regulatory approval.
Cooper, headquartered in Peachtree City, Georgia, sells professional lighting systems. It had sales last year of $1.7 billion.
Signify CEO Eric Rondolat says the deal underscores the importance of North America to his company and will "substantially strengthen our position in this attractive market."
The two companies will retain separate front offices and work together to tap into the growing market for professional lighting and increasing switch to LED lighting.
