LSI Acquires LED Maker
CINCINNATI, June 28, 2006 -- LSI Industries Inc. announced yesterday it has acquired Montreal-based Saco Technologies Inc., a maker of LED products, for $23 million in cash and 1.4 million shares of LSI stock.
Under the deal, LSI, a manufacturer of interior and exterior lighting fixtures, graphics elements and narrowcast digital messaging systems, will also assume some of Saco's debt. Saco's managers and employees will remain and operations will stay in Montreal, while Saco CEO Fred Jalbout will become president of the LSI Technology Solutions Plus business segment, LSI said.
Using LED technology, Saco primarily produces large-format video screens used at professional sports facilities, entertainment events and commercial facilities such as casinos, airports and hotels. Saco is also the maker of what it said is the largest video screen in the world, the Nasdaq Marketsite on Times Square.
LSI President and CEO Bob Ready said his company has been working with Saco over the past year on LED-based product development, including white light products for municipal, commercial and industrial applications. The acquisition of solid-state LED products will help LSI drive growth in the lighting and graphics segments of its business, Ready said.
Lsi said it expected Saco, which anticipates net sales of $26.4 million for 2006, to contribute positively to its earnings beginning in 2007. For more information, visit: www.lsi-industries.com
- white light
- Light perceived as achromatic, that is, without hue.
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