Riding green wave, Philips says "let there be LED"

More than a century into its existence, Philips is once again betting heavily on semiconductors. This time the consumer electronics firm is looking to harness their potential as a source of light.

The producer of one in four of the world's lights, which sold its semiconductor business in 2006 after it was undercut by Asian rivals, has invested more than 4 billion euros ($5.47 billion) to ride the clean-tech wave and defend its world-leading position.

But this time, Philips is better prepared for competition.

The company is betting on a shift in the lighting market, away from inefficient incandescent light bulbs and toward light-emitting diodes or LEDs -- perhaps best known for their use in the flashing indicators found on most consumer devices.

For further information: Reuters