European lighting Company Philips has acquired local lighting automation Company Dynalite in a move that will send shivers down the spines of Clipsal executives.
The move into the local by a powerhouse lighting Company like Philips will lead to a massive shakeup in the Australian market where Clipsal a Company that is owned by French electrical group Schneider has dominated for many years say industry analysts.
Dynalite will become part of Philip's Lighting Electronics business. Financial details of the agreement were not disclosed.
Rudy Provoost, chief executive of Philips' Lighting sector commented, 'The acquisition of Dynalite enables us to further strengthen our offering of integral energy management solutions to major corporations, property developers and hotel groups,.
Dynalite was founded in 1989 and manufactures energy management and building automation, architectural lighting control, home automation and residential applications products. The company, with offices in Australia, the U.K., China and Dubai has around 130 employees.
Philips has bought Dynalite to extend its lighting controls portfolio the combination will have an estimated total market value of approximately $3.8Billion dollars.