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Carmanah Acquires Lightech for $18.5 Million

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Sep 29 2010

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Provider of LED lighting solutions, Carmanah Technologies has acquired Lightech Electronic Industries for $18.5 million. Lightech, founded in 1992, develops transformers and drivers for the halogen and LED lightings manufactured in China.

Carmanah will procure all outstanding shares of Lightech. The acquisition is anticipated to be completed by November 2010. In 2009, Carmanah made sales worth $32 million whereas Lightech made a $1.2 million loss on its $19.5 million revenue.

The Chairman of Carmanah, Rob Cruickshank stated that the acquisition will enable the company to utilize the shift of the lighting market to LED lightings. The acquisition would allow resources of both the companies to be used to satiate the market requirement for LED lighting. He added that Lightech’s technology developments would advance the applications of the illumination product portfolio of Carmanah.

Source:

http://www.carmanah.com/

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