Royal Philips to buy lighting firm
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Giant consumer electronics maker Royal Philips Electronics said it planned to acquire Lighting Technologies International, a Baldwin Park-based maker of lighting equipment for the entertainment industry. Financial terms weren’t disclosed.
LTI’s lamps and other equipment are used in theaters and at concerts, and can be seen at such landmarks as the Towers of Light at New York’s Ground Zero, the Eiffel Tower in Paris and Egypt’s Pyramids of Giza.
LTI said revenue had grown 40% annually over the last four years; this year the company is projected to post $20 million in sales. LTI has about 130 employees. It wasn’t known whether any layoffs were planned after the deal’s close, which is expected later this year.
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