Royal Philips Electronics has acquired the Power Sentry power-surge-protector business from Fiskars Brand, based here. Financial terms were not disclosed.
Power Sentry was the No. 2 player in the North American surge protector market last year with sales of around $50 million, according to a Fiskars statement.
“This acquisition fits Philips' aim to become a top three global player in the audio-visual, PC and mobility accessory market, builds on our earlier acquisition of U.S. accessories supplier Gemini and allows us to leverage Philips' global presence to extend Power Sentry's activities beyond its North American base,” said Rudy Provoost, CEO of Philips Consumer Electronics.
“With Philips' backing — including its industry-leading technologies, distribution network and global brand — we'll be better positioned to step up growth,” said Mark Schaffner, president of Power Sentry.
Philips dramatically grew its accessories business in 2004 with the purchase of Gemini, adding Zenith-, Magnavox- and Southwest Bell-branded products to its stable.