In order to establish the Fagerhult Group in the South African market and the sub-Saharan region, Fagerhult has signed an agreement to acquire the assets of Port Elizabeth based Lighting Innovations: the agreement includes subsidiary companies Beacon Lighting and Arrow Lighting. The acquisition is expected to have a positive effect on the earnings per share during 2016 and forward.
The three companies manufacture light fixtures and solutions primarily for the indoor commercial sector, which includes typical application areas such as offices, retail, shopping malls, hospital and educational buildings. Lighting Innovations is also involved in stadium and sports field lighting and provided the lighting solutions for three of the 2010 World Cup soccer stadia.
The Fagerhult Group, which employs around 2 370 people in 20 countries, achieved sales of R5.9 billion in the 2014 business year.
"One key element of our strategy is to increase our market position to emerging markets. With this acquisition we gain access to the South Africa market and several interesting growth opportunities within the dynamic sub-Saharan region. I am very pleased that Craig Waddell will remain with the company in the position of managing director and continue to build on a strong platform that he, and especially his father, Bruce Waddell, have established since founding the company," says Johan Hjertonsson, CEO Fagerhult.
Lighting Innovations will benefit from Fagerhult's vast experience and expertise in the design and manufacturing of energy efficient LED fixtures and the move will open up additional export opportunities. The company will keep its name and the business will continue to operate independently with the same management team. All facilities including its branches and factory will continue unchanged.
"We will," says Bruce Waddell, "of course improve our product offering and benefit from knowledge sharing and product development with Fagerhult. Like Lighting Innovations, Fagerhult has strong core values of customer focus, a performance culture and an innovative mindset.
Bruce Waddell took the opportunity of the announcement to thank his clients for their support over the years and trusted that they would continue to support Craig and his team in future.
For more information go to: www.lightinginnovations.co.za