LSI Industries Inc. Announces Sale of North Canton, Ohio Facility
22 Janvier 2020 - 11:00PM
LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading
U.S. based manufacturer of indoor/outdoor lighting and graphics
solutions, today announced a definitive agreement to sell its
212,000 square foot North Canton, Ohio graphics manufacturing
facility.
The Company will relocate its existing operations to a smaller,
leased facility in the North Canton area, while retaining its
existing workforce. Recent advancements in graphics
technology, together with other productivity improvements, allowed
for a significant reduction in square footage required to support
the ongoing growth of the business.
Under the terms of the agreement, the Company will receive
approximately $8 million in gross proceeds. Sale proceeds
will serve to fuel additional investments and reduce net debt,
which was $21.6 million at the end of the first quarter fiscal
2020.
“The sale of our North Canton facility and relocation of
existing production represents another important step toward
maximizing the efficiency and leverage of our supply chain and
asset base,” stated Jim Clark, President and CEO of LSI
Industries. “Relocating to a nearby leased facility allows us
to retain our valuable skilled workforce in North Canton, ensuring
that we continue to provide the innovation, quality and service our
customers expect from LSI,” concluded Mr.
Clark.
The Company expects the sale of the North Canton facility to
close on or before the end of its fiscal third
quarter.
About LSI IndustriesLSI Industries Inc. is a
U.S.-based manufacturer of lighting, graphics and technology
solutions for both indoor and outdoor applications. We are a
leading solutions provider to the primary end-markets we serve,
including petroleum, automotive, quick serve restaurants, grocery,
banking, retail, renovation, parking and warehousing. Our
products are marketed throughout North America through a network of
independent sales representatives and distributors, as well as
through national accounts. We partner with our customers to
provide a full range of design support, engineering, installation
and project management services. Headquartered in Blue Ash,
Ohio, LSI currently employs more than 1,200 employees and operates
seven facilities throughout the United States.
Forward-Looking StatementsFor details on the
uncertainties that may cause our actual results to be materially
different than those expressed in our forward-looking statements,
visit http://www.lsi-industries.com/fls as well as our Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q which
contain risk factors.
Contacts: Media: Mike Wallner, Sr.
Manager of Communications, (513) 372-3417,
mike.wallner@lsi-industries.comInvestors: Noel Ryan, IRC, (720)
778-2415, LYTS@vallumadvisors.com
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