Acuity Brands, an atlanta-based LED and iot lighting specialist, has quietly sold its $23 million Spanish lighting company, Carandini.
According to external media confirmed that Spain's leading lighting business, LEDS C4, acquired Carandini via Acuity.
Acuity has yet to issue a press release on the move.
But the deal, which was first mentioned in its fourth-quarter financial statement released recently, concerns "the impact of the sale of earnings related to the company's Spanish lighting business".
As a result of the company's sale of its Spanish lighting business during the quarter, the company withdrew a previously recorded $5 million in special expenses in the fourth quarter of fiscal 2018, the earnings report said.
LEDS C4 describes Carandini as a company with a 99-year history that is "known for focusing on lighting innovative solutions that deliver public roads, industrial facilities, sports facilities and other infrastructure to the European, American and African markets."
Neither Acuity nor LEDS C4 have disclosed the purchase price.
In addition to foreign media speculation, Acuity also appears to have abandoned another brand, Tersen, which was also listed in its product portfolio in July, but has now been removed from the list.
So far, Acuity has not responded.
Acuity has more than a dozen lighting brands, including Holophane, Peerless, Lithonia, Carandini, etc.
In fiscal 2018, the company spent $163 million to acquire both Lucid Design Group and IOTA Engineering, and bought back 2 million shares of Acuity Brands common stock under its authorized share buyback program for $298 million.
Acuity, like many lighting companies such as Mr Winkler and Mr Osram, is looking for a shift from the lighting business to the IoT driven business - where light connecting to the Internet and collecting and using data is a challenging business.
Vernon j. Nagel, chairman, President and CEO of Acuity Brands, said the lighting market is now challenging.