Royal Philips Electronics NV and China Electronics Corp signed a joint venture agreement on Thursday, in a bid to grab additional market share in China's intelligent road lighting market.

The new company will be 70 percent owned by Shenzhen SED Industry Co Ltd - a listed company based in Shenzhen and part of the CEC group of companies - and 30 percent by Philips.

The joint venture will focus on intelligent controls, software and LED fixtures for road lighting. The cooperation combines Philips' innovation capabilities in the road lighting field with SED's knowledge of the local market, Philips said.