Date Announced: 14 Jun 2011 UK-based LED lighting manufacturer Dialight has formed Dialight Japan KK, providing the company with direct access into one of the world's largest industrial & hazardous lighting markets.Dialight Japan KK is to acquire the assets and contracts of Dialight's Japanese distributor, I-Spec Ltd, as well as its employees.Roy Burton, Group Chief Executive of Dialight, said that the formation of Dialight Japan KK will "enable us to access new and demanding markets known for their stringent requirements and for which our high-specification LED lighting and controlled manufacturing methods will be well suited." +++ Press Release +++Newmarket, UK -– Dialight plc (‘Dialight’), the innovative global leader in LED lighting technology, is pleased to announce the formation of Dialight Japan KK as a further step in the company’s global thrust into the industrial and hazardous LED lighting market. Dialight Japan KK has today signed agreements to acquire the assets and contracts of its Japanese distributor, I-Spec Ltd, for an upfront consideration of £0.2m and a 25% stake in Dialight Japan KK. All employees of I-Spec will transfer to Dialight Japan KK with additional consideration due to the shareholder employees over the next five years based on the future profitability of the new company. The transaction is expected to complete on the transference of contracts at the end of June.Dialight Japan KK is based in Hamamatsu in the industrial heartland of central Japan. The industrial and hazardous lighting segment is highly regulated and there are in excess of 50,000 industrial facilities in Japan making this one of the world’s largest industrial / hazardous lighting markets.Roy Burton, Group Chief Executive of Dialight said: “The formation of Dialight Japan KK will enable us to access new and demanding markets known for their stringent requirements and for which our high specification LED lighting and controlled manufacturing methods will be well suited. This expansion marks a significant step in our overall growth strategy.”i-Spec's Managing Director, Mr Yoshinori Sugiura, will continue in the same role for the new company and commented: "As the world's third largest economy and third largest oil refiner in the world, and with ambitious CO2 reduction targets, Japan represents a large and highly discerning market for Dialight's proven energy efficient technology.”
Contact
Michael Schratz, Director of Marketing, Dialight
E-mail:[email protected]
Web Site:www.dialight.com
