BRUSSELS, 14/11/06 - Philips is buying Belgian lighting manufacturer Partners in Lighting International (PLI). The Dutch electronics group announced yesterday it is paying 550 million euros in cash.

PLI has been majority-owned by CVC Capital Partners since summer 2002. The investment company had been looking for a buyer for some time. PLI is best know for its Massive brand. Other brands include Aqua and Cucina.

PLI has 4,700 staff in Belgium, Hungary and China. The company is expected to have 2006 sales of 400 million euros and a small net profit. Philips' Lighting division last year generated sales of 4.8 billion euros.