Lumileds, LLC and First Brands Group, LLC have announced an agreement for First Brands to acquire the Lamps and Accessories business of Lumileds for $238M. Under First Brands, the Lamps and Accessories business will continue to expand its global offerings and position its products and brands in the automotive accessories sector, according to the latest press information.
The sale is expected to close in the 2nd calendar quarter of 2024.
As part of the acquisition, Lumileds‘ automotive lamps factories in China, Germany and Poland will transfer with the Lamps and Accessories business. Lumileds said it will retain its factories and sites in The Netherlands, United States, Malaysia, Singapore, Germany and Jiaxing, China.
“The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business so compelling nearly a decade ago have changed as transportation manufacturers have adopted LEDs as their standard light source and traditional automotive light sources have transitioned to primarily an automotive aftermarket business,” said Steve Barlow, Lumileds CEO. “Our Lamps and Accessories and our LED businesses are industry leaders in their respective markets and will be free to focus on the ongoing growth of their unique brands, channels and customers.”
