Philips eyes Saudi market with major acquisition

March 17, 2014 - 1:07:24 pm

THE HAGUE: Dutch electrical goods giant Philips on Monday announced a major acquisition in Saudi Arabia as it seeks to bolster its position in one of the major economies of the region.

Philips said it had bought a 51-percent stake in the General Lighting Company, one of the Kingdom's top lighting firms, for $235 million or 169 million euros.

The new firm, which will employ some 1,300 people, is to be called Philips Lighting Saudi Arabia, the Dutch company said in a statement.

Philips said it was hoping to benefit from double-digit growth by 2018 in Saudi Arabia, where it has had a presence for nearly 80 years. (AFP)