Lumileds LLC and First Brands Group LLC (“First Brands”) have entered an agreement for First Brands to acquire the lamps and accessories business of Lumileds for $238 million. Under First Brands, the lamps and accessories business will continue to expand its global offerings and position its products and leading brands in the automotive accessories sector, according to an announcement.
“The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business have changed as transportation manufacturers have adopted LEDs as the standard light source,” said Steve Barlow, Lumileds CEO. “Our lamps and accessories and our LED businesses will be free to focus on the ongoing growth of their unique brands, channels, and customers.”
The sale is expected to close in the second quarter of 2024.
As part of the acquisition, Lumileds factories in China, Germany, and Poland will transfer with the lamps and accessories business. Lumileds will retain its factories and sites in The Netherlands, United States, Malaysia, Singapore, Germany and Jiaxing China, the report stated.
Citi acted as financial advisor and DLA Piper acted as legal advisor to Lumileds.
