South Africa / Lesotho | Electronics manufacturer Philips, which is listed in New York and Amsterdam, was setting up a multimillion-dollar manufacturing and recycling plant for energy saving light bulbs in the african Kingdom of Lesotho, the company says.
The plant would be set up jointly with the South African Central Energy Fund (CEF), a government company focusing on opportunities in the energy sector, and Karebo Systems, a privately owned company specialising in demand side management initiatives in the energy sector.
Philips, originally from the Netherlands, holds 40% stake in the facility, while the CEF and Karebo each hold 30 percent. The plant, which will be opened for business in September, will create 500 jobs and accelerate the uptake of energy-efficient light bulbs. Ian Murdoch, the CEO and Chairman of Philips South Africa, says one of the economic spin-offs for Lesotho and South Africa would be that all components for the plant would be bought in the country.
The announcement of the construction of the plant in Lesotho comes at a time when South Africa is experiencing an energy crisis. The company adds that energy-saving bulbs saves 80%, compared with incandescent bulbs, and would assist in overcoming shortages that were being experienced in the southern Africa region.
