AMSTERDAM (AFX) - Royal Philips Electronics NV has reached an agreement with TIR Systems Ltd of Canada to buy all of the company's outstanding shares for about 49 mln eur in cash.
Philips said the deal still needs to be approved by TIR shareholders and is expected to be completed in the second quarter of 2007.
The Vancouver-based TIR Systems is a leading company in solid state lighting (SSL) technology for products that generate high quality white light.
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