Jul 29 2010
Acuity Brands, has announced its acquisition of the capital stock of Renaissance Lighting, a privately held, ground-breaking trendsetter of solid-state light-emitting diode. Earlier, Acuity Brands had a minority ownership of Renaissance and a license for the Constructive Occlusion optical system and intellectual property estate.
In addition, Acuity Brands acquired an intellectual property portfolio from another company which includes few patents that will advance its prospects in lighting sensors and few other patents that were licensed to Renaissance.
Under the Generally Accepted Accounting Principles of the U.S., Acuity Brands will assess its investment in Renaissance from the date of change of power. According to the valuation’s result, the previous investment in Renaissance will be amended to demonstrate the exact investment value.
Acuity Brands’ CEO, President, and Chairman, Vernon J. Nagel, stated that the procurement will enable them to deliver advanced lighting solutions and expand their vistas in solid-state controls and lighting. Renaissance Lighting’s CEO, Barry Weinbaum, informed that their merging with Acuity Brands allows them to spread out their technology’s impact.