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Technology / AI and automation

Philips builds accessories business with power surge buy

The acquisition is part of Philips’ ambition to become a top-three global supplier in the audio-visual, PC and mobility accessory market as it sees accessories and peripherals as some of the fastest growing and higher-margin product categories in consumer electronics. It plans to extend Power Sentry’s activities beyond its North American base.

Amsterdam, the Netherlands-based Philips said that in 2005, the global plug-in power surge protector market was valued at approximately $640m and the US represented 80% of the global market. Over the next five years the global market is expected to grow annually by 9%, with higher growth rates expected in Europe, Asia, and Latin America.

Philips acquired Plymouth, Minnesota-based Power Sentry from Fiskars Brands Inc, a manufacturer of consumer and commercial products.

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CBR Staff Writer

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