Fagerhult Group has decided to exit its South African business Lighting Innovations
HABO, Sweden, Aug. 7, 2020 /PRNewswire/ -- As a part of the on-going strategic review, the Fagerhult Group investigates different exit options for its South African business, Lighting Innovations Africa.
Lighting Innovations is one of the main domestic manufacturers of professional lighting solutions in South Africa, with a turn-over of 161 ZAR million (~85 SEK mn) in 2019.
"Since the acquisition in 2015, Lighting Innovations has managed the LED transition and maintained a position as a strong local brand for professional lighting solutions. However, the market has not developed as expected and we have decided to focus our investments on more attractive growth opportunities in other market," says Bodil Sonesson, CEO Fagerhult Group.
The process will be completed during 2020.
For more information please contact: CEO Bodil Sonesson +46 722 23 76 02 [email protected]
This information is information that AB Fagerhult is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 13:00 CET on August 7th 2020.
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