Philips completes acquisition of TIR Systems
Amsterdam, The Netherlands and Vancouver, Canada – Royal Philips Electronics (NYSE:PHG, AEX:PHI) announced today that it has completed its acquisition of Vancouver, Canada-based TIR Systems Ltd, a leading company in Solid State Lighting (SSL) technology for products that generate high quality white light.
Under the terms of the agreement, which was announced on March 13, 2007, Philips acquired TIR Systems for a total consideration of approximately C$ 75 million, or approximately EUR 53 million, which was paid in cash upon completion. As a result of the transaction, TIR Systems will be financially consolidated with immediate effect within the Solid State Lighting business unit of Philips’ Lighting division.
The transaction was completed by Philips’ wholly-owned, indirect subsidiary, Philips Electronics Ltd., 281 Hillmount Road, Markham, Ontario, which acquired all of the outstanding common shares of TIR Systems at a price of C$1.60 per share in cash pursuant to a court-approved plan of arrangement.
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