Madison, Wisconsin – Royal Philips Electronics has acquired the Power Sentry power surge protector business from Fiskars Brand Inc., 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.
“Power Sentry has a proven track record in growing its position in the North American plug-in power surge protector market,” said Rudy Provoost, CEO of Philips Consumer Electronics. “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,” he added.
“We look forward to further growing the business as part of Philips’ global organization,” said Mark Schaffner, president of Power Sentry. “And with Philips’ backing — including its industry-leading technologies, distribution network, and global brand — we’ll be better positioned to step up that growth,” he added.
Philips dramatically grew its accessories business in 2004 with the purchase of Gemini, adding Zenith, Magnavox and Southwest Bell branded products to its stable.