Philips Eyes Saudi Market with Major Acquisition

THE HAGUE --Electrical goods giant Royal Philips Electronics (IW 1000/137) 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% stake in the General Lighting Co., one of the Kingdom's top lighting firms, for $235 million.

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.

Copyright Agence France-Presse, 2014