Acuity Brands, an expert on LED and Internet of Things lighting in Atlanta, has quietly sold its $23 million Spanish lighting company, Carandini.
According to foreign media, LEDS C4, a Spanish lighting leader, acquired Carandini through Acuity.
Acuity has yet to issue a press release on this move. But the deal was first mentioned in its fourth-quarter financial statements recently, dealing with "the impact of selling the company's Spanish lighting business-related earnings." The company withdrew a previously recorded $5 million special fee in the fourth quarter of fiscal year 2018 as it sold its Spanish lighting business this quarter, according to the results.
LEDS C4 describes Carandini as a 99-year-old company known for its innovative lighting solutions focused on providing public roads, industrial facilities, sports facilities and other infrastructure for European, American and African markets.
Neither Acuity nor LEDS C4 announced the purchase price.
Acuity seems to have given up another brand Tersen, which was listed in its July portfolio, but has now been removed from the list, foreign media speculated. Up to now, Acuity has not responded.
Acuity has more than 10 lighting brands, including Holophane, Peerless, Lithonia, Carandini and so on. In fiscal year 2018, the company bought Lucid Design Group and IOTA Engineering for $163 million and bought back 2 million Acuity Brands common shares under its authorized share repurchase program for $298 million.
Like many lighting companies like Signify and Osram, Acuity is looking for a shift from lighting to IoT-driven business, where connecting lights to the Internet and collecting and using data is a challenging business.
Vernon J. Nagel, chairman, president and CEO of Acuity Brands, said the lighting market was challenging.
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