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Acuity Brands: Company to Acquire Juno Lighting Group
Atlanta — Oct. 29, 2015 — Acuity Brands, Inc. announced that it has entered into an agreement to acquire all of the equity interests of Juno Lighting LLC (“Juno Lighting Group”), a leading provider of downlighting and track lighting fixtures for both residential and commercial applications.
Juno Lighting Group, a unit of Schneider Electric, serves customers throughout North America, including electrical distributors, lighting showrooms, home centers, contractors, architects, engineers, lighting designers, and commercial facilities.
Juno Lighting Group operates manufacturing facilities in Des Plaines, Ill., and Fishers, Ind., and generates current annual revenues of about $250 million.
Vernon J. Nagel, chairman, president, and CEO of Acuity Brands, said, "We are very excited about this strategic opportunity that will allow us to provide customers with an enhanced and broader set of lighting solutions for both residential and commercial applications. Juno Lighting Group is a widely recognized and well-respected brand in the industry and its product offering is highly complementary, with minimal overlap, to our industry-leading portfolio.
"We believe the combination of our dynamic businesses and strong leadership teams will provide growth opportunities with key customer sets and benefit our primary sales channel partners in their respective markets. We expect this acquisition will be accretive to our fiscal 2016 earnings while also providing a foundation to enhance the longer-term financial performance of Acuity Brands."
The terms of the agreement reflect a cash purchase price totaling about $385 million, which will be financed using Acuity Brands' available cash on hand. The acquisition is subject to regulatory approvals and other customary closing conditions. Management anticipates the acquisition will be completed late this year
For more information about the companies, visit http://www.acuitybrands.com/ and http://www.junolightinggroup.com/Brands/Juno.
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