Carmanah Technologies sells marine lighting business, other assets to U.S. firm
Victorias Carmanah Technologies is selling its marine lighting business and other assets in a sale worth $77 million US.
The sale to North Carolina-based SPX Corporation represents just under half of the company, founded in 1996 by David Green to develop solar-powered marine lighting.
Chief executive John Simmons said the deal allows Carmanah to focus on its remaining assets.
We had done a pretty good job over the last five years taking Carmanahs original, but very narrow, slice of the marine aids to navigation marketplace, and beefing it up, he said, noting their growth by acquisition over the years established Caramanahs marine business as a global leader. Our ability to grow more in that segment was limiting out.
Simmons said Carmanah was not going to be able to expand its product offering to take on the offshore oil and gas industry.
Its a very specialized next step and, quite frankly, would require an investment in time that was probably beyond our grasp, he said. SPX becomes the largest player in that space.
Were happy to pass the baton to a company like SPX that can take the leadership position and, with its size and scope, can move into a market-dominant position, he said.
The sale includes the entirety of Carmanahs marine lighting business, an aviation obstruction lighting unit, an airfield lighting unit and some smaller support businesses. Those businesses brought in about $27 million USin revenue annually.
There are six Victoria staff from those units who will joi....