LOUISVILLE, Ky., Sept. 25 /PRNewswire-FirstCall/ --
The Genlyte Group Incorporated ("Genlyte") (NASDAQ:GLYT) announced that it has reached an agreement in principal to acquire the assets of Carsonite International Corporation ("Carsonite") a subsidiary of Omega Polymer Technologies, Inc. as part of a restructuring being undertaken by Omega.
The Carsonite business segment purchase price includes a cash price of $2.85 million plus the estimated value of approximately $1.6 million for inventory and accounts receivable. No accounts payable or other liabilities will be assumed as part of this transaction. Carsonite has one owned factory located in Varnville, SC and one leased factory located in Early Branch, SC.
Larry K. Powers, President and Chief Executive Officer of Genlyte commented, "We are pleased with the strategic benefits of this acquisition. This business will complement Genlyte's current Shakespeare Composite Structures product offerings in the utility, roadway, park and recreation markets. We plan to operate the Carsonite business reporting to Bill Griffin, the General Manager of Genlyte's Shakespeare Composite Structures division. The anticipated annual sales for 2007 will be approximately $12 million and we anticipate that the acquisition will be accretive during 2007 after we complete restructuring activities."
Bill Griffin said, "The Carsonite product lines for the electric utility, telecommunications, water, sewer, gas and oil, roadway, and park and recreation markets will extend our offering to these markets. This transaction is an excellent opportunity for the customers, representatives, and employees, of Carsonite to be associated with one of the most highly respected commercial lighting and composite poles businesses in North America. The Carsonite facilities have operational synergies with our composite pole and pultrusion operations located in Newberry, SC and Largo, FL."
The Genlyte Group Incorporated (NASDAQ:GLYT) is a leading manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets. Genlyte sells lighting and lighting accessory products under the major brand names of Capri/Omega, Chloride Systems, Crescent, Day-Brite, Gardco, Hadco, JJI Lighting, Ledalite, Lightolier, Lightolier Controls, Lumec, Shakespeare Composite Structures, Stonco, Thomas Lighting, Vari-Lite, Wide-Lite, and Canlyte.
The statements in this report with respect to future results, future expectations, and plans for future activities and synergies may be regarded as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially from those currently expected. These forward-looking statements are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans to," "estimates," "projects," or similar expressions. Such future results are subject to various risks, such as the ability of the Company to meet new business sales goals and realize desired price increases, fluctuations in commodity and transportation costs, slowing of the overall economy, changes in foreign currency translation rates, increased interest costs arising from a change in the Company's leverage or change in rates, failure of the Company's plans to produce anticipated cost savings, the outcome of pending litigation, the timing and magnitude of capital expenditures, as well as other risks discussed in the Company's filing with the Securities Exchange Commission. The Company makes no commitment to disclose any revision to forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements.
For additional information about Genlyte please refer to the company's web site at: http://www.genlyte.com/
DATASOURCE: The Genlyte Group Incorporated
CONTACT: William G. Ferko, CFO of The Genlyte Group Incorporated,
+1-502-420-9502
Web site: http://www.genlyte.com/