On July 18th, Dongyang Debang Lighting Co., Ltd., jointly invested by Hengdian Debang Electronics Co., Ltd., a domestic advanced energy-saving lamp R&D and manufacturing company, and Philips, the global energy-saving lighting advocate, held the opening ceremony in Dongyang Hengdian Electronic Industrial Park. Xu Yongan, Chairman and President of Hengdian Group Holdings Co., Ltd., Xu Wencai, Director and Vice President of Hengdian Group Holdings Co., Ltd., Executive Vice President of Philips Lighting Group, Andreas Wente, CEO of Global Light Source Division, and Aima Xi, Vice President of Philips Lighting Group attended the event. The opening ceremony. The new joint venture will produce a full line of compact fluorescent lamps (energy-saving lamps). In the joint venture, Hengdian Debang holds 75% of the shares, and Philips holds 25% of the shares. At present, the global demand for energy-saving lighting products is accelerating. Among them, the market for compact fluorescent lamps is estimated to grow by 18%-20% per year.
The surge in global electricity prices comes from the continued strain of energy. In order to maintain sustained economic growth, developing countries such as China and India have also generated more demand for electricity. Therefore, the use of energy-saving products, reduction of electricity consumption and carbon dioxide emissions has become the consensus of all countries in the world.
Lighting power now accounts for 19% of the world's total electricity use. At the same brightness, Philips compact fluorescent lamps save 80% of energy consumption compared to traditional Philips incandescent lamps; and, while saving money, they also reduce considerable CO2 emissions. In addition to compact fluorescent lamps, Philips has a complete range of energy-efficient lighting solutions for roads, offices, and businesses.
The new joint venture will become an important part of Philips' strategy in China, which means not only a significant increase in production capacity in this area, but also a sign that Philips will further take root and deepen its confidence in the Chinese market.
Hengdian Debang Electronics and Philips Lighting have joined forces to formally establish Dongyang Debang Lighting Co., Ltd., which is a joint venture. It marks that the cooperation between the two parties has entered a substantive operation stage, and a strong competitive domestic and most important energy-saving lamp production. One of the bases is rapidly emerging in Dongyang Hengdian. Xu Yongan, chairman and president of Hengdian Group Holdings Co., Ltd. said.
Philips has established itself as a global leader in energy efficient lighting. In the coming period, we look forward to accelerating the development of the energy-saving market, and the cooperation with Hengdian Debang Electronics will undoubtedly greatly expand our production capacity in China. We believe that Dongyang Debang is very competitive in large-scale production and professional management. With this cooperation as an opportunity, the two parties will jointly work to explore the market space for innovation and energy conservation, and provide reliable support for China's sustainable development. Andreas Wente, executive vice president of Philips Lighting Group and CEO of Global Light Sources, said.
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