
Larry K. Powers
CEO of Genlyte Group Incorporated
Education
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Overview
Larry K. Powers, Chairman, President and Chief Executive Officer of Genlyte Group Incorporated added, Inc.(GLYT) Philips is shaping the future of the lighting industry by building up an extensive portfolio of innovative, green lighting. Genlyte has also established a reputation for developing innovative new products utilizing the latest in lamp and ballast technologies. We believe joining with Philips is in the best interest of our shareholders, customers, vendors and employees, and that our combined resources will produce the best possible entity for competing, growing and creating value for our customers. We view this merger as an exciting opportunity for everyone, and as a result the Board will recommend the offer to our shareholders.
Over a 12-month period ending in September 2007, Genlyte had sales of approximately USD 1.6 billion with an EBITA margin of 14.9%. Following completion of the acquisition, Philips expects Genlyte s revenue growth to continue outpacing the market, as Philips uses Genlyte s market presence as a platform for introducing newer, green products into the North American market. Philips plan to extend Genlyte s activities beyond North America will also contribute to growth. Following the integration of Genlyte, Philips expects to benefit from leveraging economies of scale in purchasing of materials and services as well as Genlyte s expertise in outsourcing and streamlining of manufacturing activities, contributing to margin expansion.
Career
- Genlyte Group Incorporated - CEO