In an effort to strengthen its position in the North American lighting market, Signify has announced that it has entered into a definitive agreement with Eaton to acquire Cooper Lighting Solutions for $1.4 billion. Closing is expected to take place in the first quarter of 2020. Headquartered in Peachtree City, GA, Cooper Lighting Solutions generated $1.7 billion in sales in 2018, of which 84% was LED-based. “Today’s announcement confirms the strategic importance of the North American market for Signify. This acquisition will substantially strengthen our position in this attractive market,” says Eric Rondolat, CEO of Signify. According to a press release by Signify, the transaction is expected to generate substantial cost synergies of more than $60 million per year, most of which will be achieved within the first three years.
The entire press release can be read here.