SAN JOSE, Calif.--(BUSINESS WIRE)--Lumileds, LLC, one of the world’s leading LED manufacturers and solution providers for the global automotive, illumination, display, and flash markets and First Brands Group, LLC (“First Brands”), a global automotive parts manufacturer that serves the worldwide automotive aftermarket, have entered into an agreement for First Brands to acquire the Lamps and Accessories business of Lumileds for $238M. 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.
“The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business so compelling nearly a decade ago have changed as transportation manufacturers have adopted LEDs as their standard light source and traditional automotive light sources have transitioned to primarily an automotive aftermarket business,” said Steve Barlow, Lumileds CEO. “Our Lamps and Accessories and our LED businesses are industry leaders in their respective markets and will be free to focus on the ongoing growth of their unique brands, channels, and customers.”
The sale is expected to close in the 2nd calendar quarter of 2024.
As part of the acquisition, Lumileds automotive lamps 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.
Citi acted as financial advisor and DLA Piper acted as legal advisor to Lumileds.
About Lumileds
Lumileds is a global leader in OEM and aftermarket automotive lighting and accessories, camera flash for mobile devices, MicroLED, and light sources for general illumination, horticulture, and human-centric lighting. Our approximately 5,500 employees operate in over 30 countries and partner with our customers to deliver never before possible solutions for lighting, safety, and well-being. Learn more at https://lumileds.com.
About First Brands
First Brands™ is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands that offer best-in-class technology, industry-leading engineering and manufacturing capabilities, and superior customer service.
