Ad
Ad
Ad
Ad
Ad
Ad
© OSRAM Electronics Production | January 17, 2019

Osram Divests NA-based SLS; WESCO Increases Foothold

WESCO International Inc. has announced the acquisition of certain assets of Sylvania Lighting Solutions (SLS) from Osram Sylvania. The deal is expected to close March 19.

Updated; February 20, 2019 1:34 PM
For Pittsburgh-based WESCO, a provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, the acquisition will serve to bolster its lighting solutions and services. “SLS's customer base, geographic footprint, and extensive project management capabilities complement our existing turn-key lighting renovation and retrofit offerings," said WESCO Chairman, President, and Chief Executive Officer John J. Engel. In a February 4 email to Evertiq, a company spokesperson clarified that the originally published acquisition price in “the double-digit million-euro range,” is USD 28 million, and will be subject to post-closing adjustments. In the same email, the spokesperson stated that, “As an asset deal WESCO will be hiring all [200] of the SLS employees when the transaction closes.” When asked about the potential for further job creation, or an expansion of products and/or services, the spokesperson told Evertiq, “Over time, as the business expands we anticipate it will require a larger work force. The SLS business is very similar to an existing WESCO business and we will be focused on growing both.” The deal calls for WESCO to acquire SLS's business operations in the United States and Canada, with annual sales of more than USD 100 million. Todd Myers, SLS's current CEO, will continue to lead the organization. With the sale of its North American services business, Osram will now be free to focus on its core business of photonics, specifically intelligent technologies in the field of visible and invisible light for the market fields of visualization, sensor technology and treatment. Osram’s Management Board decided in May 2018 to initiate the divestiture of the SLS business. The financial effects of the sale on Osram’s balance sheet are minimal.
Ad
Ad
Load more news
August 21 2019 3:49 pm V14.1.4-1