Genlyte Group Announces Acquisition of Hanover Lantern Business
01 Février 2007 - 3:45PM
PR Newswire (US)
LOUISVILLE, Ky., Feb. 1 /PRNewswire-FirstCall/ -- The Genlyte Group
Incorporated (NASDAQ:GLYT) announced that it has reached an
agreement to acquire Hanover Lantern, located in Hanover,
Pennsylvania. Hanover Lantern is a privately held lighting fixture
company servicing the outdoor commercial, decorative, municipal,
and residential markets. The company's group of recognized products
complements Genlyte's current outdoor product lines. The purchase
price for the transaction is expected to be a cash amount of
approximately $26.0 million plus liabilities for employee benefits,
trade payables, and debt liabilities of $1.75 million. Hanover
Lantern has several brands including: Terralight, Sitescape, and
the flagship Hanover Lantern brand. The product portfolio includes
Classic Exterior Accents, Street Scenes, Architectural Accents, and
Sitescape Commercial products. The company's manufacturing base
consists of one owned facility and one leased facility in Hanover,
Pennsylvania and employs 160 people. For the year ended December
31, 2006, Hanover achieved net sales of $24.4 million and reported
operating income of $3.2 million. Pro forma 2006 adjusted EBITDA
excluding nonrecurring restructuring costs is estimated to be $4.0
million. Larry K. Powers, President and Chief Executive Officer of
Genlyte Group commented, "We are pleased with the strategic
benefits of this acquisition. The Hanover Lantern business is a
highly respected outdoor lighting business. Hanover will provide us
with another platform to launch new product ideas with some very
talented people to help us accomplish these goals. "We will
continue to operate Hanover as an independent division of Genlyte
and all management, sales representation, and customers will remain
in place. We will gain operational efficiencies through purchasing
and working closely together with Hanover's management team to
enhance production capabilities and lower cost." Bob Baker the
current president of Hanover Lantern will continue as the Hanover
division president. Bob stated, "This transaction is an excellent
opportunity for the customers, reps, and employees, of Hanover to
be associated with one of the most highly respected lighting
companies in North America." 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 Alkco, Allscape, Ardee,
Canlyte, Capri/Omega, Carsonite, Chloride Systems, Crescent, D'ac,
Day-Brite, Gardco, Guth, Hadco, High-Lites, Hoffmeister, Lam,
Ledalite, Lightolier, Lightolier Controls, Lumec, Morlite, Nessen,
Quality, Shakespeare Composite Structures, Specialty, Stonco,
Strand, Thomas, Vari-Lite, Vista, and Wide- Lite. 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 Hanover Lantern please refer to the
web site at: http://www.hanoverlantern.com/ 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/
http://www.hanoverlantern.com/
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