US$77m transaction expected to close in January 2019
Canadian LED lighting manufacturer Carmanah Technologies announced this week that that it has sold its marine division and other company assets to Charlotte, North Carolina-based SPX Corporation (SPX) for US$77m.
The sale includes Carmanah’s Sabik subsidiaries located in Europe and Singapore, as well as components of its aviation business as the company refocuses on lucrative traffic light, street lighting and telematics markets. Not included in the sale is Carmanah’s Sabik Offshore GmbH business, which produces LED lighting for aids to navigation and offshore wind farms. The transaction, which is still subject to approval by Carmanah shareholders, is anticipated to close in January 2019.
“We are very pleased with this transaction”, said Carmanah CEO, John Simmons. “Not only is it fairly valued but also creates numerous opportunities for employees and customers alike. Combining Carmanah’s marine, aviation and airfield ground lighting products with SPX’s extensive infrastructure and broad distribution network is a great opportunity to further advance product development and extend the reach of these solutions to a broader customer base.”
With more than 5,000 employees doing business in 14 countries worldwide, SPX Corporation posted revenues of approximately $1.4b in 2017. “We are excited to welcome Sabik to the SPX team,” said SPX president and CEO, Gene Lowe. “This transaction expands and further strengthens SPX’s position in aids-to-navigation specialty lighting solutions by adding highly-engineered technology and products for the marine and obstruction lighting markets.