Dutch consumer electrical company has acquired the assets of small appliance manufacturer Maya Appliances and its Preethi brand for an undisclosed sum.
Maya, a kitchen appliance leader in India, makes food prep products, coffee makers, kettles and irons under the Preethi brand. Founded in 1978, the firm is headquartered in Chennai, India and employs approximately 850 people. It has a substantial presence across India, with particular strength in the south of the country

According Philips, the move will make the Dutch firm the clear leader in this specific fast-growing segment within the Indian Domestic Appliances market.

Philips Consumer Lifestyle ceo Pieter Nota said: "To capture growth in kitchen appliances we need to intimately understand local consumer needs and deliver the right solutions. By building on Preethi's unique local knowledge, heritage of quality, and substantial distributor and dealer network, we are well positioned to drive growth in one of the world's most dynamic kitchen appliance markets."

Upon completion of the transaction in the second quarter of 2011, which is subject to certain contractual and other conditions such as regulatory approval, Preethi will become part of the Domestic Appliances business group within Philips' Consumer Lifestyle sector.

It will be led out of the business group's newly established global headquarters in Shanghai, headed by Murali Sivaraman, former CEO of Philips India.