Philips Buys Indian Appliance Maker Preethi

Purchase will make Philips the leader in the Indian domestic appliances market

Consumer electronics maker Philips said on Jan. 24 that it had purchased leading Indian kitchen appliance maker Preethi for an undisclosed amount.

Royal Philips Electronics said that it "has agreed to acquire the assets of the Preethi business, a leading kitchen appliances company in India" based in the southeastern city of Chennai and which employs around 850 people.

"This will make Philips the clear leader in this specific fast-growing segment within the Indian domestic appliances market," it added.

Philips, a manufacturer of medical equipment, televisions, lighting systems and consumer appliances, employs about 119,000 people in more than 60 countries.

Copyright Agence France-Presse, 2011

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