(TECH) Carmanah To Acquire Israels LED Power Supplies Company Lightech For $18.5 Million

"Solar LED lighting and power systems provider Carmanah Technologies will acquire Lightech Electronic, a developer of power supplies for LED lighting, for $18.5 million in a cash and stock transaction.

'With this merger, Carmanah makes an expansion into a complementary and synergistic business' said Rob Cruickshank, Chairman of Carmanah. 'Carmanah will be taking advantage of the vast lighting market’s current shift to LED, and applying the joint resources of Carmanah and Lightech to satisfy the urgent market need for LED lighting. In turn, the resulting technology developments at Lightech will ultimately advance the capabilities and applications of Carmanah’s outdoor area illumination product portfolio.'



'This is an important and exciting development for Lightech as it will not only allow Lightech to continue to build on its existing strengths but also provide our global customers with an established technology path to meet their future needs for state-of-the-art solutions,' said David Schreiber, the Chairman and CEO of Lightech.

Lightech designs drivers and transformers for use in LED and Halogen lighting fixtures from research and development facilities located in Lod, Israel and Torrance, California, US. The company manufactures these drivers and transformers through EMS contractors in China and distributes these products worldwide through logistics centers in Hong Kong, California, Canada and the UK.

For fiscal 2009, Lightech’s revenues were $19.5 million, and net loss was $1.2 million. For the first six half of 2010, Lightech’s revenues were $10.6 million and net income was $0.8 million.

Carmanah is a solar LED lighting company specializing in self-contained solar LED lighting systems for marine, aviation, traffic and off-grid lighting applications worldwide. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol CMH." (source)