Philips Lighting has announced its intention to change its name from Philips Lighting to Signify, Construction Week reported.
The company will continue to use the Philips brand under the existing licensing agreement with Royal Philips.
Philips Lighting CEO Eric Rondolat, said: “We’re excited to announce our new company name as another step in our transformation journey.
“Our new company name is a clear expression of our strategic vision and a fabulous opportunity to introduce a new corporate look and feel that is uniquely our own and will serve to further unite our 32,000 employees. At the same time, we remain proud to continue to use the Philips brand on our products.”
The choice of the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning, the company said.
Goktug Gur, president and CEO of Philips Lighting Middle East & Turkey, had said last year at the 9th water, energy, technology, and environment exhibition (WETEX) in Dubai: “We see cities as hubs of diversity and innovation and therefore a source of solutions where private organizations and governments can work together to empower citizens through technology and innovation.
“Lighting can play a key role in this. Connected LED lighting can reduce environmental impact through high-quality, energy-efficient light while linking people, places, and infrastructure. People should be the focus of any smart city model.”
The new company name satisfies the company’s contractual requirements under the Company Name License Agreement with Royal Philips, which requires that it changes less than 18 months after Royal Philips no longer has a controlling interest.
In view of the renaming of the company, a proposal to amend the articles of association of Philips Lighting N.V. will be submitted to the Annual General Meeting of Shareholders to be held on 15 May.