Philips Lighting on Wednesday officially changed its name to Signify, following a company wide rebrand.

Signify will continue to use the Philips brand for its products under the existing licensing agreement with Royal Philips.

The company expects the name change to be implemented in all the countries where it is active by the beginning of 2019.

READ: Philips Lighting announces rebrand to Signify

Eric Rondolat, CEO of Signify, said: “The choice of our new company name originates from the way light has become an intelligent language, which connects and conveys meaning.

“It is a clear expression of our strategic vision and purpose to unlock the extraordinary potential of light for brighter lives and a better world.”

Founded as Philips in Eindhoven, the Netherlands, Philips Lighting spun off to become a separate company in 2016.

Signify is listed on Amsterdam’s Euronext Stock Exchange and was included in the benchmark AEX index in March 2018.

With operations in more than 70 countries and 32,000 people worldwide, Signify generated sales of $8.2m (EUR7bn) and invested $419m (EUR354m) in Research and Development in 2017.