Philips Lighting to be renamed 'Signify'
Netherlands/New Delhi: Philips Lighting on Friday said it intends to change its name to "Signify" while continuing to use the Philips brand for its products under the existing licensing agreement with Royal Philips.
The company said the new company name originates from the fact that light becomes an intelligent language, which connects and conveys meaning.
"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," Eric Rondolat, CEO of Philips Lighting, said in a statement.
"At the same time, we remain proud to continue to use the Philips brand on our products," he added.
The statement said the new 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.