Philips (China) Investment Co., Ltd and Chengdu municipal government have signed an agreement on strategic cooperation.

The agreement for the settlement of Philips LED project in Chengdu High-tech Zone was also reached on the same day and Philips announced its second headquarters in China will be launched there.

According to the strategic cooperation agreement, Philips will start an industrial park in the Chengdu zone, which will promote the energy-saving and sustainable development projects in the city and its neighboring areas.

Philips LED factory in Chengdu is a 25-million-euro project, which will be initiated early next year and be put into operation in 2013.