Philips acquires Power Sentry, a leading U.S. electronics peripherals & accessories supplier
Monday, July 03, 2006, Amsterdam, the Netherlands and Madison, Wisconsin – Royal Philips Electronics (NYSE:PHG, AEX: PHI) and Fiskars Brands Inc., a global manufacturer of consumer and commercial products, announced today that Philips acquired Power Sentry – a division of Fiskars Brands Inc. Based in Plymouth, Minnesota, Power Sentry is the number two player in the North American plug-in power surge protector market with sales in 2005 of approximately USD 50 million. The transaction is completed. No further financial details were disclosed.
In 2005, the global plug-in power surge protector market was valued at approximately USD 640 million, with the United States representing approximately 80% of the global market. It is estimated that over the next five years the global market will grow annually by approximately 9%, with higher growth rates expected in Europe, Asia and Latin America as awareness of the potential benefits of these products spreads.
Accessories and peripherals are some of the fastest growing and higher-margin product categories in consumer electronics today, with retailers increasingly looking to offer these products as part of a complete consumer electronics portfolio to their customers. “Power Sentry has a proven track record in growing its position in the North American plug-in power surge protector market,” said Rudy Provoost, CEO of Philips Consumer Electronics. “This acquisition fits Philips’ aim to become a top three global player in the audio-visual, PC and mobility accessory market, builds on our earlier acquisition of U.S. accessories supplier Gemini and allows us to leverage Philips’ global presence to extend Power Sentry’s activities beyond its North American base,” he added.
“We look forward to further growing the business as part of Philips’ global organization,” said Mark Schaffner, president of Power Sentry. “And with Philips’ backing – including its industry-leading technologies, distribution network, and global brand – we’ll be better positioned to step up that growth,” he added.
* Backgrounder on peripherals and accessories: power surge protectors, power strips and battery back-ups: www.newscenter.philips.com/About/News/press/article-15467.html
Chief Executive Officer Philips Consumer Electronics
* Click here for Mr. Provoost’s CV: www.philips.com/about/company/management/boardofmanagement
* Click here for images of Mr. provoost: http://tk-cc.marcomxchange.net/2023/2033/2039/#7
power surge products:
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When you need more outlets, sense and simplicity abound with these no-nonsense power strips.
UPS battery back-ups:
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About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.4 billion in 2005. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,500 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
About Fiskars Brands, Inc. and Fiskars Corporation
Fiskars Brands, Inc., headquartered in Madison, Wisconsin, is a wholly owned subsidiary of Fiskars Corporation and operates consumer product businesses through four segments including School/Office/Craft, Garden/Outdoor Living, Outdoor Recreation and Housewares serving the global marketplace. Products are sold under brand names including FISKARS®, Gingher®, DuraSharp®, Heidi Grace Designs, Cloud9 Design, Wallace®, Planterra®, Gerber Legendary Blades®, Superknife®, Montana®, Raadvad, Sankey and Ebert. Fiskars Corporation, founded in 1649, is a Finnish corporation traded on the Helsinki Stock Exchange (HEX: FIS) and is one of the oldest companies in the world.
- Contact Information
- Jeannet Harpe
- Philips Corporate Communications
- Royal Philips Electronics of the Netherlands
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