Philips Shuts Down Lighting Plant in North Carolina, Halts Buyback of 21.36M Shares

Philips announced it will be closing down its lighting plant in Burgaw, Pender County in North Carolina, U.S. recently, according to a report by Triangle Business Journal.

The factory closure, which will become effective as of Sept. 2016, is expected to affect all 58 employees.

This is the second factory that the company has shutdown in North Carolina, five months ago the company announced plans of closing down another lighting plant in Henderson.

"As the lighting industry continues to transform at an accelerated rate, Philips must continue to realize synergies and improve operational efficiencies in order to remain agile and competitive," The company spokesman Talley Summerlin wrote in an email. "That is why Philips has decided it will phase out manufacturing at its Burgaw, N.C. facility."

Based on a notice the company filed with the North Carolina State Commerce Department, its production at the facility will be relocated to another U.S. based Philips factory. The company was not specific about which one. Employee terminations will start in April and continue until September.

Earlier in July, Philips informed the state that it would be closing a Vance County plant and laying off 50 employees. The plant was acquired through the Optimum Lighting deal in 2011, and was manufacturing energy-efficient fluorescent lighting fixtures.

In a separate company announcement, the lighting and consumer electronic product_ giant announced it cancelled 21.36 million shares, which were acquired from Nov. 1, 2014 to Nov. 20, 2015 as part of its EUR 1.5 billion (US $1.64 billion) share repurchase program initiated in Oct. 21, 2013. The plan had been effective over a three year period. The average repurchase price of the cancelled shares was EUR 24.21 per share. 

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.

Tokushima, Japan - 6 March 2024: Nichia, the world's largest LED manufacturer and inventor of the high-brightness blue and white LED, has started mass production of the new UV-B (308nm) and UV-A (330nm) LEDs in its popular 434 Series packa... READ MORE

New XLamp® S Line LEDs enhance growth, last longer, lower energy costs Horticulture and other forms of agricultural lighting require application-tuned ratios of spectral content, high efficacy and long lifetimes. Whether you are interested... READ MORE