Philips spinoff Nordeon buys Hess

Nordeon has acquired German outdoor lighting business Hess, which filed for insolvency earlier this year.

The deal, which will come into effect in October, includes Hess’s production site at Villingen-Schewnningen, Germany, as well as Hess’s Scandinavian and US businesses. Around 180 staff are being kept on, the companies said.

Hess went bust in February amid accusations that bosses had been cooking the books. It emerged that the company had been accounting for non-existent income for more than a year.

Nordeon, which is owned by a Dutch investment group, was created last year as a spinoff from Philips, and owns two former Philips Lighting production sites in France and Germany. It acquired Hess subsidiary Vulkan in March.

Nordeon CEO Pierre van Lamsweerde said: ‘Hess is a worldwide known and prestigious brand has a high reputation especially concerning the design and the quality of the luminaires.’

Hess managing director Andreas Budde said: ‘An ideal solution that maintains jobs on the one hand and ensures the long-term continuation of the company on the other hand.’