Lumileds

Lumileds specializes in the production of LED (LED) components and automotive lighting systems. The company's website says that its products are installed in every third car in the world (data for 2016). Lumileds employs about 9 thousand people in more than 30 countries of the world, annual revenue is $2 billion.

2018: $66m fine per employee for stealing Lumileds trade secrets

On August 10, 2018, Lumileds, which was separated from Philips and headquartered in San Jose, California, sued a former employee for $66 million for stealing trade secrets. This is how much the Chinese company Nec-Tech International should have spent on developing technologies for the production of high-brightness LED lamps used in lanterns, car headlights and for general lighting. Read more here.

2016

Philips sells the company to Apollo Global Management investment funds for $1.5 billion

On December 12, 2016, Philips announced the sale of most of the lighting manufacturer Lumileds, which was valued at $2 billion as part of the deal - 40% less than the Chinese Go Scale Capital offered.

Philips sells 80.1 percent stake in Lumileds to Apollo Global Management-related investment funds for $1.5 billion. Philips will keep the rest of the business (19.9%) for at least three years after the closure of the transaction, scheduled for the first half of 2017.

Philips sells LED business at 40% reduced price

Thanks to this deal, we will complete an important stage in the transformation of our portfolio, and I am pleased that in the person of Apollo we have found a reliable owner of Lumileds, "said Frans van Houten, commenting on the deal.[1]

The sale of a controlling stake in Lumileds will strengthen Philips' focus on healthcare.

US bans Philips from selling company to Chinese at high price

In early 2016, the Committee on Foreign Investment USA blocked a deal to sell 80% of Lumileds to Chinese investment group Go Scale Capital for $2.7 billion. Thus, the entire Philips subsidiary was valued at $3.3 billion. Then the CEO Frans van Houten of Philips said that Lumileds is likely to be sold in the second half of 2016, but at a reduced price.

2015: Philips highlights lighting fixtures business and creates Lumileds

Lumileds became a separate company in 2015 when Philips restructured its lighting fixtures business. As a result, a new public company Philips Lighting was created, which allowed the Dutch vendor to concentrate on medical solutions.

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