The Landscape for Mergers and Acquisitions in LED Lighting
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- Category: Molybdenum & Sapphire Growth Furnace News
- Published on 15 June 2013
- Written by hua
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Over the course of the last five years, Memoori has been closely monitoring developments in the LED market, tracking a total of 238 significant deals. Although we cannot claim that this list of deals is exhaustive, it certainly paints a picture of the mood in the market and the strategies of its respective major players.
The total value of deals where disclosure was made during this period was nearly $8 billion, peaking in 2008 at over $4 billion. The number of deals completed over the five-year period remained fairly consistent.
The median value of deals also fell slightly over the period of analysis, ranging between a maximum of $18.3 million in 2008, to a minimum of $11 million for 2013 data to May.
Our analysis also shows that the strategy for growth through acquisition has cooled off since 2011. We believe there are three reasons for this:
◇A decline in the average spend on acquisitions is not surprising given the impact of the sovereign debt crisis in Europe and its impacts on financial markets, liquidity and market growth.
◇The industry has already undergone major consolidation and restructuring from 2006 to 2011 and is now catching its breath to monitor the progress of LED adoption in major markets. Many significant strategic, geographic and vertical integration moves, particularly by the likes of Osram and Philips, had already occurred prior to 2011.
◇There is an element of unease in the market at the risks of oversupply given that adoption rates have not been as rapid as many predicted. (Excerpt from Greentech Media)
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