HABO, Sweden, Oct. 30, 2020 /PRNewswire/ -- The Fagerhult Group has today signed an agreement to divest Lighting Innovations Africa (Pty) Ltd. to Cape Mountain Concepts (Pty) Ltd. The divestment will take place on 2nd November 2020.
In line with the press release issued on 7th August 2020 the Fagerhult Group completes its previously announced exit from the South African market.
In addition to what was reported in the Q3 report, the divestment generates an additional cost of SEK 30 million which will be charged to operating profit in Q4 2020 in the segment Lighting Innovations.
The new owners of the business also own another lighting business in South Africa. Under this new ownership Lighting Innovations Africa (Pty) Ltd remains open for business and continues to manufacture lighting fixtures and smart solutions primarily for the indoor commercial sector. Product warranties will continue to be honoured.
For more information on Lighting Innovations Africa (Pty) Ltd, visit www.lightinginnovations.co.za
For more information please contact:
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 16:00 CET on October 30th, 2020.
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Fagerhult signs an agreement to divest Lighting Innovations Africa (Pty) Ltd to Cape Mountain Concepts (Pty) Ltd