December 20, 2021
Signify to Acquire Fluence for $272 million
ams OSRAM to sell what may be the "crown jewel" of the company's remaining lighting assets
- 1-year revenues for Fluence through September 30 were $141 million.
- Fluence to operate as an entity within Signify’s agricultural lighting business in "Division Digital Solutions"
- Closing is expected in the first half of 2022, subject to regulatory approvals and other conditions
Signify and OSRAM, two companies that were once intense European lighting rivals, have entered into an agreement for Signify to acquire Austin, Texas-based Fluence for $272 million on a cash and debt-free basis.
Signify believes that the acquisition will strengthen its global agriculture lighting platform and extend its position in the North American horticultural lighting market. The company expects the global market for agricultural lighting to grow by more than 20% per year to $1.8 billion in 2024.
According to the company's announcement, ams OSRAM will focus on its position as a leading provider of advanced LED technology for the horticulture market and continues as a strategic LED component supplier to the combined business.
Fluence’s technology includes more than 140 issued and pending patents, focusing on areas such as light quality, thermal management and installation methods. Currently Fluence generates a majority of its sales in North America.
David Cohen, CEO of Fluence stated “The combination of our companies will immediately expand our collective footprints and inject valuable expertise into both companies’ product innovations. We look forward to uniting with the Signify team.”
Fluence employs more than 200 people. In the trailing 12 months (October 2020 to September 2021), Fluence generated $141 million in revenue. Fluence will operate as an entity within Signify’s agricultural lighting business in Division Digital Solutions.
The acquisition is expected to close in the first half of 2022, subject to regulatory approvals and other conditions.
Don’t miss the next big lighting story…Click here to subscribe to the inside.lighting InfoLetter |
