Singapore - Royal Philips Electronics announced today that it will open a LED factory in Singapore, hiring 1,000 workers, in an attempt to keep up with lightning-fast growth in that new, high-tech segment of the lighting business. Philips will sink about $80 million into the LED production facility, sources close to Philips said.
The investment "further strengthens Philips' leadership position in the global lighting market by investing in the high-growth and huge-potential LED market," said Philips Chief Executive Gerard Kleisterlee, as he announced the move in Singapore.