|By Business Wire||
|February 12, 2014 02:12 AM EST||
Fagerhult (STO:FAG) has completed the acquisition of Arlight after receiving regulatory approval from the Turkish Competition Authority. The acquisition is expected to have a positive effect on the earnings per share during 2014 and forward.
Arlight has 160 employees and manufactures lighting fixtures and solutions primarily for the indoor commercial sector. Example application areas include commercial offices, educational buildings, hospitals, shopping malls and airports. In 2013, the company is forecast to have sales of 21 MEUR and a profitability well above the Fagerhult Group average.
“Our strategy is to become a clear leader in the European lighting industry. With this acquisition we gain access to the dynamic Turkish market and several interesting growth opportunities in the region. The Turkish lighting market is experiencing strong growth driven by the country’s 2023 ambitions on improving infrastructure and energy efficiency. This acquisition also gives us access to a low cost manufacturing facility located near our large existing markets. I am also very pleased that Mr. Mustafa Cemil Arli and Mrs. Gülseren Arli will remain with the company and build on the strong recent performance of Arlight”, comments Johan Hjertonsson CEO Fagerhult.
Fagerhult pays a price of MEUR 28, on a cash and debt free basis, for 100% of the shares in Arlight. An additional 7 MEUR can be paid as earnout until 2015 tied to company performance. The transaction is financed with existing credit facilities.
More information on Arlight is available at www.arlight.net.
Habo February 12, 2014
Fagerhult is one of Europe’s leading lighting groups with approximately 2,200 employees and operations in 20 countries. We create modern products and exciting, energy-efficient and environmentally-adapted lighting installations, successfully integrated into their individual environments. The Group includes such strong brands as Fagerhult, Ateljé Lyktan, LTS, Whitecroft Lighting, Designplan Lighting and I-Valo. AB Fagerhult is listed on the Nasdaq OMX Nordic Exchange in Stockholm.
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