Leading consumer electronics company Koninklijke Phillips Electronics N.V. (PHG - Analyst Report) recently announced that it has partnered with Desso, a leading carpet and sport surface manufacturing company, to develop light transmissive carpets with LED (light-emitting diode) lights.
According to the agreement, Philips and Desso will be integrating their respective expertise to create LED carpets to enhance the ambience of offices, hotels and conference centers among others.
These carpets are expected to be useful for guiding people around buildings, especially for directing toward safety exits and routes. The carpets will be designed in a way that the information will be available when required without cluttering the interiors. The attractive design with pleasant colors in different shapes and sizes is likely to add to the interiors.
Philips and Desso will be in exclusive collaboration for marketing the product in Europe, the Middle East and the Africa. The product will be designed to suit both existing and new buildings.
Phillips’ Lighting segment offers products spanning a full range of incandescent and halogen lamps, compact and normal fluorescent lamps, high-intensity gas-discharge and special lamps, LED-based lighting and automotive lamps and accessories. Phillips currently is the market leader for LED-based lighting solutions. In the last reported quarter, LED sales grew 33% year over year and represented 30% of the total lighting sales.
Phillips currently has a Zacks Rank #3 (Hold). Other stocks that are worth considering at the moment include Bel Control4 Corp. ((CTRL - Snapshot Report)), Garmin Ltd. (GRMN - Analyst Report) and Mistras Group, Inc. (MG - Snapshot Report). All three carry a Zacks Rank #2 (Buy).