WESCO International, Inc., Pittsburgh, said its WESCO Services, LLC subsidiary has agreed to acquire certain assets of Sylvania Lighting Solutions (SLS) from Osram Sylvania.
SLS, headquartered in Wilmington, MA, offers a full spectrum of energy-efficient lighting upgrade, retrofit, and renovation solutions with annual sales of more than $100 million and approximately 220 employees across the U.S. and Canada.
Under the terms of the agreement, WESCO will acquire SLS's business operations in the United States and Canada. Todd Myers, SLS's current CEO, will continue to lead the organization. A Reuters report put the sale price at “less than 100 million euros ($114 million).”
"We are strengthening our lighting solutions and services with the acquisition of SLS. SLS's customer base, geographic footprint, and extensive project management capabilities complement our existing turn-key lighting renovation and retrofit offerings," said John Engel, WESCO chairman, president and CEO. "We are very pleased to welcome the SLS team to WESCO and look forward to accelerating our results in the lighting marketplace."
The transaction is expected to close in March 2019.
"Our team is very pleased to join WESCO which has built an extensive array of lighting services for the new construction, renovation, and retrofit markets over the past several years. We look forward to leveraging our combined expertise to deliver greater value and a more comprehensive offering of lighting solutions to our customers," said Myers.
