Peachtree City-based Cooper Lighting Solutions, a part of Eaton Corp., is being acquired by The Netherland’s-based Signify.
The effect on the Peachtree City headquarters is at this stage unannounced.
Cooper Lighting broke ground on the Customer First Center on Ga. Highway 74 South in 1996. To support continued growth and better serve customers, Cooper Lighting consolidated its Eastern U.S. warehousing and distribution operations into this 485,000-square foot facility. It became the company’s headquarters in 2001. Eaton bought Cooper in 2012, and now is selling Cooper to Signify.
Online business information site says that the Peachtree City site employs 228 people.
The Oct. 15 announcement by Signify said it has entered into a definitive agreement with Eaton to acquire Cooper Lighting Solutions for $1.4 billion in cash. The closing is expected to take place in the first quarter of 2020.
Formerly known as Philips Lighting until May 2018, Signify on its website said it is the world leader in lighting, with 2018 sales of € (Euro) 6.4 billion, with approximately 29,000 employees and with a presence in more than 70 countries. Signify is headquartered in The Netherlands.
“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,” said Signify CEO Eric Rondolat in the Oct. 15 press release. “We look forward to welcoming the team from Cooper Lighting. They have built a high-performance company based on professionalism, truly innovative offers and a long and strong relationship with their customers. We share a genuine passion and single focus for lighting and a successful track record in innovation. We will join forces to further develop connected lighting and provide our customers with the highest level of service while optimizing operational efficiencies.”
Cooper Lighting Solutions, headquartered in Peachtree City, is a leading provider of professional lighting, lighting controls and connected lighting. The business offers a large breadth of products and applications, both in the indoor and outdoor segments, sold under renowned brands in North America including Corelite, Halo, McGraw-Edison, Metalux. The company sells its lighting portfolio through a strong agent network and has direct relationships with retailers, distributors and other end-user customers, Signify said.
The Signify press release said, “This acquisition is fully in line with Signify’s strategy to expand in attractive markets, enhancing Signify’s position in the North American market and improving the business mix.
“Together, the two businesses will be better positioned to benefit from the growing $12 billion professional lighting market in North America, driven by the continued conversion to LED and the increased demand for connected lighting systems and controls.
“Signify and Cooper Lighting will maintain separate front offices: sales forces, agent networks, product and brand portfolios, marketing and product development teams. Both businesses will be able to strengthen their respective product portfolios, benefitting from an increased power of innovation as well as more competitive and cost-efficient offerings,” according to Signify.