Dutch consumer durables and technology giant Royal Philips Electronics on Monday announced that it has agreed to acquire the assets of Chennai-based Indian kitchen appliances company Preethi.
“To capture growth in kitchen appliances, we need to intimately understand local consumer needs and deliver the right solutions,” Pieter Nota CEO, Philips Consumer Lifestyle said in a statement.
Philips did not disclose any financial details. The acquisition is subject to regulatory approval.
“The combined strength of our two organisations will benefit both our customers and employees,” said TT Varadarajan, CMD, Preethi.