Acuity Sells Spanish Company Carandini - Energy Watch News


Acuity Sells Spanish Company Carandini

Acuity Brands has quietly unloaded its $23 million Spanish lighting company Carandini, as it tries to stay steady in what CEO Vernon Nagel described this week as a “challenging lighting market.” The sale came to light when the buyer, Spain’s $85.2 million LEDS C4, issued a press release last week, saying that “LEDS C4….announces its acquisition of Carandini.” In a peculiar omission, the release did not mention Acuity as the seller. Acuity also distanced itself publicly from the details. It did not issue a press release about the move. Rather, Acuity first mentioned the sale in passing within its fourth quarter financial statement yesterday, keeping both Barcelona-based Carandini and Torà-based LEDS C4 (both are in Catalonia) nameless while burying reference to “the sale of the company’s Spanish lighting business” within a long, convoluted list of actions that it excluded from adjusted results. https://www.ledsmagazine.com/articles/2018/10/shhhh-acuity-sells-spanish-company-carandini.html

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