Acuity Brands, Inc. (NYSE: AYI) ("Company") today announced it has acquired for cash Fairview, PA-based Healthcare Lighting, Inc., a leading provider of specialized, high-performance lighting products for healthcare facilities. Terms of the acquisition were not disclosed.
“Lighting within a healthcare environment calls for rigorous, continuous review of current standards and a keen understanding of our customers' unique lighting needs”
"Healthcare Lighting's philosophy of delivering high-quality, energy-efficient lighting solutions mirrors that of Acuity Brands," said Vernon J. Nagel, Chairman, President and Chief Executive Officer of the Company. "It is well documented that quality lighting enables an improved healthcare experience. Healthcare Lighting provides us with expertise and a specialized product portfolio that expands our robust and cost-effective lighting solutions for the large and growing healthcare industry. We welcome this high-caliber team to the Acuity Brands family," continued Nagel.
Since its founding in 2003, Healthcare Lighting has been dedicated to the design and manufacture of medical lighting products that enhance the visual environment in healthcare settings, thereby improving the level of patient comfort and aiding caregiver staff in the performance of their duties. An exclusive focus on this industry has allowed Healthcare Lighting to become a trusted development partner to the healthcare industry. Healthcare Lighting has leveraged these relationships, and its expert understanding of the needs of healthcare professionals, into the development of specialized ambient and task lighting products for today's modern healthcare facilities, including patient and examination rooms, surgical suites and medical procedure rooms, as well as lighting products for specialized medical functions.
Independent third-party forecasts and company estimates suggest that the size of the North American market for lighting and lighting controls of new healthcare facilities exceeds $1 billion annually while the renovation opportunity for existing healthcare facilities is as much as $20 billion. The Company's existing product portfolio combined with the specialty medical product portfolio of Healthcare Lighting provides the opportunity to further enhance and develop complete lighting solutions for the healthcare industry.
"Lighting within a healthcare environment calls for rigorous, continuous review of current standards and a keen understanding of our customers' unique lighting needs," said Steven Day, President of Healthcare Lighting. As experts in lighting for this customer set, we understand how to provide an optimal lighting experience for patients and caregivers. We are customer-driven, using insights gained from the direct perspectives of nurses, patients, doctors, guests, and healthcare facility support staff. We are delighted to find ourselves aligned with an industry leader who will support the continuous development of new and innovative lighting solutions for our customers," continued Day.
Healthcare Lighting will continue operations in its existing facility, focusing on the development of lighting solutions for healthcare facilities. The acquisition is not expected to materially impact Acuity Brands' fiscal 2011 consolidated financial results.
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