INDUSTRY.co.id - Jakarta, Philips Lighting (Euronext: LIGHT), a world leader in lighting, today announced its intention to change the company's name from Philips Lighting to Signify.

The choice of a new company name comes from the fact that light has become an intellectual language, connecting and conveying meaning.

The Company will continue to use the Philips brand, the world's most trusted lighting brand, under a license agreement with Royal Philips.

We are excited to announce the company's new name as the next step in our transformation journey, Eric Rondolat, CEO of Philips Lighting, said in a press release received by Industry.co.id in Jakarta (16/3/2018).

He added that our company's new name reflects clearly our strategic vision and a wonderful opportunity for us to introduce our own unique look and new corporate sense and will further unify our 32,000 employees.

"At the same time, we remain proud to continue using the Philips brand on our products," he said.

Philips Lighting originated more than 125 years ago when the business was founded by Frederik and Gerard Philips in 1891 in the Dutch city of Eindhoven. Throughout its history, the company has been at the forefront of many of the major advances in the lighting industry.

Today, Philips Lighting leads the global industry in the areas of conventional lighting, LED and connected lighting, with the largest connected lighting network in the world.

The company's new name fulfills the contractual terms of the company under the Company License Agreement with Royal Philips, which requires the company to make changes less than 18 months after Royal Philips is no longer a majority shareholder.

In connection with the change of company name, a proposal to amend Philips Lighting N.V's Articles of Association will be submitted in the Annual General Meeting of Shareholders to be held on 15 May.

As for the stock code Philips Lighting N.V. will remain the same (Euronext: LIGHT).