WESCO International, Inc. Acquires OSRAM's Sylvania Lighting Solutions
Jan 16, 2019, 06:00 ET
PITTSBURGH, Jan. 16, 2019 /PRNewswire/ -- WESCO International, Inc. (NYSE: WCC), a leading provider of electrical, industrial, and communications MRO and OEM products, construction materials, and advanced supply chain management and logistics services, announced today that its WESCO Services, LLC subsidiary has entered into a definitive agreement to acquire certain assets of Sylvania Lighting Solutions ("SLS") from OSRAM Sylvania. The transaction is expected to close in March 2019.
SLS offers a full spectrum of energy-efficient lighting upgrade, retrofit, and renovation solutions with annual sales of more than $100 million and approximately 220 employees across the U.S. and Canada. It is headquartered in Wilmington, Massachusetts.
"We are strengthening our lighting solutions and services with the acquisition of SLS. SLS's customer base, geographic footprint, and extensive project management capabilities complement our existing turn-key lighting renovation and retrofit offerings," said John J. Engel, WESCO Chairman, President, and Chief Executive Officer, "We are very pleased to welcome the SLS team to WESCO and look forward to accelerating our results in the lighting marketplace."
Under the terms of the agreement, WESCO will acquire SLS's business operations in the United States and Canada. Todd Myers, SLS's current Chief Executive Officer, will continue to lead the organization.
"Our team is very pleased to join WESCO which has built an extensive array of lighting services for the new construction, renovation, and retrofit markets over the past several years. We look forward to leveraging our combined expertise to deliver greater value and a more comprehensive offering of lighting solutions to our customers," said Myers.
WESCO International, Inc. (NYSE: WCC), a publicly traded Fortune 500 holding company headquartered in Pittsburgh, Pennsylvania, is a leading provider of electrical, industrial, and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and advanced supply chain management and logistic services. 2017 annual sales were approximately $7.7 billion. The company employs approximately 9,100 people, maintains relationships with over 26,000 suppliers, and serves approximately 70,000 active customers worldwide. Customers include commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers, and utilities. WESCO operates 10 fully automated distribution centers and approximately 500 branches in North America and international markets, providing a local presence for customers and a global network to serve multi-location businesses and multi-national corporations.
The matters discussed herein may contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. Certain of these risks are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017, as well as the Company's other reports filed with the Securities and Exchange Commission.
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