Royal Philips Electronics NV is paying an undisclosed sum for power surge protector device maker Power Sentry, which it describes as the number-two player in the North American plug-in market with sales of approximately $50m in 2005.
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.