Philips Buys U.S. Consumer Electronics Supplier Jul 8, 2004

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Philips Electronics has agreed to buy Gemini Industries, a U.S. supplier of consumer electronics and computer accessories, helping boost its global position in the high-margin accessories field, the company announced.

Philips did not give any financial details of the transaction, but said Gemini had 2003 gross sales of U.S. $200 million and 500 employees.

"Accessories are one of the fastest growing and higher-margin product categories in consumer electronics today, and represent an increasingly important part of retailers' operations," Frans van Houten, the head of Philips consumer electronics unit, said in a statement. "This makes the acquisition of Gemini a perfect fit for Philips, broadening our U.S. distribution strength and adding to our highly successful portfolio... audio-video accessories and PC peripherals at the same time."

The New Jersey, U.S.-based Gemini has a portfolio of 2,500 products and will help Philips -- Europe's top consumer electronics producer seeking to build its position in the lucrative U.S. market -- gain more shelf space in major North American retailers. (Reuters)

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