Today, Acuity Brands, Inc. (NYSE: AYI) (“Acuity”) a leading
industrial technology company, announced a definitive agreement to
acquire KE2 Therm Solutions, Inc. (“KE2 Therm”), which develops and
provides intelligent refrigeration control solutions that improve
profitability by increasing system efficiency and decreasing
operational and service costs.
The transaction is expected to close during the
spring of 2023 when KE2 Therm will begin integrating into Distech
Controls within the Intelligent Spaces Group business segment of
Acuity.
“We are focused on increasing our addressable
market for Distech Controls,” said Peter Han, President of the
Intelligent Spaces Group. “In recent months, we have expanded our
presence in new regions and now, with the acquisition of KE2 Therm,
we will expand into the commercial refrigeration controls market as
it transitions from analog to digital controls. KE2 Therm’s
controls and software will help us lead this transition, and we are
excited to welcome the talented team to Acuity.”
“By combining Distech Controls’ market-leading
controls, sensors, and software with KE2 Therm’s refrigeration
solutions, we will improve our customer access and unlock new
market opportunities,” said Patrick Holdmeyer, President of
KE2 Therm. “We share the same values and focus on product
innovation and superior technical support. We are thrilled to join
Acuity.”
The transaction is subject to the satisfaction
of certain customary closing conditions. Until close, the companies
will continue to operate independently.
About Acuity Brands Acuity
Brands, Inc. (NYSE: AYI) is a market-leading industrial technology
company. We use technology to solve problems in spaces, light, and
more things to come. Through our two business segments, Acuity
Brands Lighting and Lighting Controls (“ABL”) and the Intelligent
Spaces Group (“ISG”), we design, manufacture, and bring to market
products and services that make a valuable difference in people’s
lives.
We achieve growth through the development of
innovative new products and services, including lighting, lighting
controls, building management systems, and location-aware
applications. We achieve customer-focused efficiencies that allow
us to increase market share and deliver superior returns. We look
to aggressively deploy capital to grow the business and to enter
attractive new verticals.
Acuity Brands, Inc. is based in Atlanta,
Georgia, with operations across North America, Europe, and Asia.
The Company is powered by more than 13,000 dedicated and talented
associates.
For more information, visit
www.acuitybrands.com
About Distech ControlsDistech
Controls connects people with intelligent building solutions
through our forward-thinking technologies and services. We partner
with customers to deliver innovative solutions that can provide
better health, better spaces, and better efficiencies. Our passion
for innovation, quality and sustainability guides our business,
which serves multiple market segments through worldwide business
divisions, service offices and a superior network of Authorized
System Integrators and Distributors. Distech Controls Inc. is a
subsidiary of Acuity Brands, Inc.
For more information, visit
www.distech-controls.com
About KE2 ThermKE2 Therm is a
developer and manufacturer of branded, intelligent refrigeration
control solutions that use proprietary advanced controls
algorithms, software, and controls. The company’s technology is
specified by a wide range of end users, consultants and major OEM
manufacturers of evaporators, walk-in freezers and coolers for both
new install and retrofit refrigeration applications.
KE2 Therm seeks to save energy, preserve the
environment, and improve profitability for its customers by
delivering energy saving electronic solutions to the heating,
ventilating, air conditioning and refrigeration (HVAC-R)
industry.
KE2 Therm was founded in 2009 by Patrick
Holdmeyer to accelerate the penetration of smart digitized and
connected refrigeration controllers in North America. The company
is headquartered in Washington, Missouri.
For more information, visit
https://ke2therm.com/
Forward-Looking
Information This press release includes
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995 (the “Act”). Forward-looking statements use words such as
“expect,” “believe,” “intend,” “anticipate,” “indicative,”
“projection,” “predict,” “plan,” “may,” “could,” “should,” “would,”
“potential,” and words of similar meaning, as well as other words
or expressions referencing future events, conditions, or
circumstances. We intend these forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Act. Statements that describe or relate
to the Company’s plans, goals, intentions, strategies, or financial
outlook, and statements that do not relate to historical or current
fact, are examples of forward-looking statements. Examples of
forward-looking statements in this release include, without
limitation: our expectation that the acquisition of KE2 Therm will
close during the spring of 2023 when KE2 Therm will begin
integrating into Distech Controls within the Intelligent Spaces
Group business segment of Acuity; statements relating to the focus
on increasing our addressable market for Distech Controls,
including, but not limited to, with the acquisition of KE2 Therm,
expansion into the commercial refrigeration controls market as it
transitions from analog to digital controls and the expectation
that KE2 Therm’s controls and software will help us lead this
transition; and that the acquisition will improve customer access
and unlock new market opportunities. Forward-looking statements are
not guarantees of future performance. Our forward-looking
statements are based on our current beliefs, expectations, and
assumptions, which may not prove to be accurate, and are subject to
known and unknown risks and uncertainties, many of which are
outside of our control. These risks and uncertainties could cause
actual results to differ materially from our historical experience
and management’s present expectations or projections. These risks
and uncertainties are discussed in our filings with the U.S.
Securities and Exchange Commission, including our most recent
annual report on Form 10-K (including, but not limited to, Part I,
Item 1a Risk Factors), quarterly reports on Form 10-Q, and current
reports on Form 8-K. Any forward-looking statement speaks only as
of the date on which it is made. You are cautioned not to place
undue reliance on any forward-looking statements. Except as
required by law, we undertake no obligation to publicly update or
release any revisions to these forward-looking statements to
reflect any events or circumstances after the date of this press
release or to reflect the occurrence of unanticipated events,
whether as a result of new information, future events, or
otherwise.
Investor Contact:Charlotte
McLaughlinVice President, Investor Relations(404)
853-1456investorrelations@acuitybrands.com
Media Contact:Cathy Lewandowski
Senior Manager, External Communications
Catherine.Lewandowski@acuitybrands.com
Acuity Brands (NYSE:AYI)
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