Expanding its presence in light-emitting diodes (LEDs), Netherlands-based Royal Philips Electronics NV has agreed to acquire all of the outstanding shares of Color Kinetics Inc. for approximately $688 million in cash upon completion.

Boston-based Color Kinetics is a leader in designing and marketing innovative LED lighting systems, and its LED systems have been installed in more than 15,000 applications worldwide. For the past several years, the company’s booths at the LightFair trade shows have been packed with lighting designers, architects and other lighting professionals who wanted to learn how the Color Kinetics’ LED systems could be used for lighting effects in restaurants, clubs, stores, other retail establishments, and other high-end applications. Its products have been frequent winners in LightFair’s new product competition. Although lighting professionals are intrigued with how Color Kinetics’ lighting systems allow them to “paint” their lighting designs with a dazzling array of colors and special effects, they agree the potential for LEDs to cost-effectively produce white light is where they will have their greatest impact.

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