Global lighting technology heavyweight Philips Lighting N.V. has announced that it is changing its name to Signify N.V. in a renaming that follows the amendment of the company’s articles of association.
A statement from the company said Signify will continue to use the Philips brand for its products under its existing licensing agreement with Royal Philips. The company expects the name change to be implemented in all the countries where it is active by the beginning of 2019.
“The choice of our new company name originates from the way light has become an intelligent language, which connects and conveys meaning,” said Eric Rondolat, CEO, Signify. “It is a clear expression of our strategic vision and purpose to unlock the extraordinary potential of light for brighter lives and a better world.”
Founded as Philips in Eindhoven in The Netherlands, the company has been one of the leading entities in the lighting industry for both professional and consumer markets for more than 127 years. In 2016, it was spun off from Philips, becoming a separate company listed on Amsterdam’s Euronext Stock Exchange, and was included in its benchmark AEX index in March this year.
With operations in more than 70 countries and employing 32,000 people worldwide, Signify generated sales of $8bn and invested $418m in research and development in 2017, said the statement.
“We are driven by the principle that light is essential. And by connecting it to networks, software and cloud computing, we open the door to a smarter world where light delivers value beyond illumination,” Rondolat added.