Genlyte to buy Hanover Lantern for $26M |
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Published
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Thu, 01 Feb 2007 17:52
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LOUISVILLE, Ky. (AFX) - Lighting manufacturer Genlyte Group Inc. said Thursday it will buy privately held lighting fixture maker Hanover Lantern for $26 million in cash.As part of the deal Genlyte will also assume liabilities for employee benefits, trade payables and debt of $1.75 million.The company noted Hanover's outdoor lighting business and said the acquisition will add another platform for new products.Hanover, which has 160 employees, will operate as an independent division, according to Genlyte. Hanover owns one facility and leases another in Hanover, Pa.The deal is expected to close this week.Shares of Genlyte fell 77 cents to $75.00 in morning trading on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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