Dialight has announces that its US subsidiary, Dialight Corporation, has completed the acquisition of the assets of Airinet Inc (“Airinet”), a lighting controls company, for upfront consideration of $2.6m with additional sums payable based on future revenue through to 2020 of up $7.4m.
Airinet, headquartered in Pueblo, Colorado, develops next generation lighting control, energy management, and automated network control systems and employs six lighting control engineers. Focused on industrial applications, Airinet has developed leading edge networked management systems for lighting, which deliver features such as dimming, daylight harvesting, flexible scheduling, tailored occupancy, diagnostics, power monitoring, and real time data reporting. These networks are based on Power Line, Wireless, or Hybrid communications to deliver two way capabilities Among its existing patent applications is its’ Lumitrol™ Light Control Module which instantly upgrades an ordinary light to a "smart" light without modification to existing equipment. This system will allow substantial energy savings on top of those that are already available from switching to Dialight’s LED lights.
Dialight has assumed no liabilities on the acquisition and all employees will transfer to Dialight Corporation on completion. All patent applications have been transferred to Dialight ownership. The goodwill on acquisition is expected to be $7.7m with the final balance to be confirmed as part of the 2012 Preliminary Results. Management expect the acquisition to be earnings accretive from 2013, at the earliest.
Dialight will manufacture the Lumitrol™ controls at its facility in Ensenada, Mexico and the LED products incorporating the controls will be sold by Dialight’s direct sales force and distributor sales representatives.
Commenting on the acquisition Roy Burton, Group Chief Executive, said:“The acquisition of controls capability will be key to further driving the value proposition and improving payback to our hazardous LED lighting customers”.