Up Next

Tweet TWEET

LED Lighting to Grow 40% in 2013, Philips Executive Says

Royal Philips Electronics NV (PHIA)’s light-emitting diodes business will grow about 40 percent this year, Greg Sebasky, chief executive officer of it North America unit, said today in an interview.

The company sees a “growth tipping point” with the debut this year of its 60-watt equivalent LED light bulb that will retail for about $10, Sebasky said. That will help the energy- efficient technology make up about 50 percent of Philips’ lighting sales by 2015, up from 25 percent last year, he said.

“People are starting to see lighting as a durable good,” Sebasky said, taking lighting products with them when they move. The company is making controllable, LED-driven lighting products that the company expects can save the average homeowner about $250 in electricity costs each year.

The unit of the Dutch electronics company Koninklijke Philips Electronics NV generates about $9 billion in annual sales in the U.S., Canada and Mexico.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.