According to US reporters, Ohio lighting manufacturer LSI Industries Inc. (LYTS.US) has found buyers for its New York plant and expects to complete the sale by June 30. LSI expects to receive a total revenue of $12 million and an annual cost savings of $4 million.
LSI announced the closure of the New York plant in October 2018. The plant’s indoor lighting products have been delivered to LSI’s independent plant in Cincinnati’s Blue Ash, after 140 employees at the New York plant moved to the Blue Ash facility.
The news showed that the outside world could not get in touch with LSI and commented on the deal. The selected buyer, the full transaction price and other details were not disclosed in the statement announcing the transaction.
Jim Clark, president and CEO of LSI, said the sale of the New York plant is an important strategic step for the company to continue to move forward, improve the company’s operational efficiency, streamline the supply chain, and expects to reduce annual fixed costs by $4 million. In addition, the cash proceeds from the sale of assets help the company reduce leverage, and the company will continue to pursue targeted value-added investments to support the long-term development of the business.
Founded in 1976, LSI is headquartered in Ohio and employs more than 1,200 people in seven plants in the United States. The company provides a wide range of indoor and outdoor lighting products, lighting control, and vision system solutions through design and graphics in the US, Canada, Australia and Latin America.
The company’s products are divided into four parts: lighting, graphics, and technology. Among them, the lighting department mainly manufactures and markets outdoor and indoor lighting and lighting control products for commercial, industrial and multi-site retail markets including oil, convenience stores, fast service and automobile markets, mainly providing external areas, indoor and landscape lighting, Lighting controls, light poles, lighting layout, lighting system design services and solid state LED solutions. The company’s products are divided into four parts: lighting, graphics, and technology. Among them, the lighting department mainly manufactures and markets outdoor and indoor lighting and lighting control products for commercial, industrial and multi-site retail markets including oil, convenience stores, fast service and automobile markets, mainly providing external areas, indoor and landscape lighting, Lighting controls, light poles, lighting layout, lighting system design services and solid state LED solutions.
Courier research shows that LSI is the 22nd largest listed company in Cincinnati, with revenues of $3.3139 billion in FY2017.
