January 20, 2009
Philips Nabs 10% Equity Stake In Tendris Holding
Royal Philips Electronics has acquired a 10 percent equity stake in Tendris Holding, a business incubator and operator in sustainable technology and services headquartered in the Netherlands. The partnership will explore new business opportunities in the area of sustainability.
Financial details of the investment were not disclosed. But as part of the agreement, Philips will be represented in Tendris’s board of directors.
Tendris has developed sustainable services and products in a number of industries, including sustainable lighting solutions with Lemnis and carbon neutral traveling and chemicals with Sparkxis.
Last month, Philips shifted its home electronic business to high-tech commercial lighting. Philips’ CFO, Pierre-Jean Sivignon, said in two years time at least 20 percent of Philips’ lighting sales for commercial use will come from LEDs.
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