Theo van Deursen , head of Philips’ lighting division, said on a conference call that Philips hopes to sell new products to Genlyte’s U.S. customers. One focus will be light emitting diodes, or LEDs, which are more energy efficient than standard light bulbs. Under the agreement, Philips will begin a tender offer for all outstanding shares of Genlyte within 10 business days. The Genlyte board of directors has unanimously approved the deal and is recommending shareholders do the same.

“This offer creates outstanding value for our stockholders and enables our management and talented associates to continue our successful strategy,” said Genlyte Chief Executive Officer Larry K. Powers . “This reflects the strength of Genlyte’s brands, strong customer relationships, and many years of successful growth in sales and earnings.” The Genlyte acquisition pushed up stock of other lighting makers.

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