Philips sells bicycle lighting product assets to the Spanninga Group
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According to foreign media reports, the Dutch bicycle light manufacturer Spanninga Group has taken over the assets of Philips bicycle lighting products. Spanninga said it will not sell Philips branded lighting products in the market, but will use its assets to strengthen its own lineup. As early as December 2009, Philips began producing and selling bicycle lighting products. About five years later, Philips stopped the production activity and signed an asset transfer agreement with the Spanninga Group, which came into effect on March 26, 2015. Upon completion of the handover, the production of the original Philips branded products will be transferred to Spanninga Group's subsidiary in China, Sibang Bicycle Accessories (Foshan) Co., Ltd. At present, it has not been determined which of the original Philips brand products will be produced by the Foshan subsidiary. Similarly, the design of these lighting components has not been fixed. Founded in 1918 and headquartered in the Netherlands, Spanninga Group is a large-scale international group that is committed to the development, research, production, sales and service of high-quality, high-performance bicycle lighting projects.