National Service Industries (NSI), Atlanta, recently reached an agreement to acquire the assets of the American Electric and Dark-To-Light product lines of the Thomas & Betts Corp. (T&B), Memphis, in an all-cash deal. The boards of both companies have approved the transaction, which should be completed within the next two weeks. Terms of the agreement were not disclosed.
The American Electric and Dark-To-Light product lines, with annual revenues of approximately $80 million, include outdoor lighting products (luminaires and electronic photocontrols) sold principally to the commercial, industrial, utility, governmental, and institutional markets. The sale is an asset sale and includes two manufacturing facilities: Bainbridge, Ga., and Monterrey, Mexico. After the acquisition is completed, these product lines will become an operating unit of NSI's Lithonia Lighting Group. Headquartered in Conyers, Ga., the Lithonia Lighting Group (with 2001 annual revenues of $1.5 billion and 8,500 employees) is among the world's largest lighting product manufacturers.
