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

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.

(Company corrects scope of growth in first paragraph in story that appeared Mar. 4.)
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