March 4 (Bloomberg) -- Royal Philips Electronics NV’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 firstname.lastname@example.org
To contact the editor responsible for this story: Reed Landberg at email@example.com