LightSources Inc. announces the execution and closing of the asset purchase transaction of Waterbury, Conn.-based Voltarc Technologies Inc.
Voltarc is a manufacturer of fluorescent- and neon-sign lighting components, specialty fluorescent lamps, ultraviolet curing lamps, and related electrical lampholders and wiring devices. The company filed Chapter 11 bankruptcy protection on October 27, 2008. The asset purchase agreement was approved on July 27, 2009 by the U.S. Bankruptcy Court in New Haven, Conn.
According to a report from Republican American, the order, signed by Judge Lorraine M. Weil, approves the sale of all of the company's personal property—including equipment, machinery, vehicles, contract rights, and patents and other intellectual property—to LightSources for $1.05 million.
The deal does not include Voltarc's accounts receivable, which will be assumed and collected by the company's senior lender, Asset Based Resource Group.
The acquisition is a strategic addition to the Light Sources, LCD Lighting, LightTech and Masonlite family of affiliated companies around the globe. The decision will not only extend their multi-product portfolio with neon- and fluorescent-sign lighting components, specialty fluorescent lamps, high-intensity discharge ultraviolet curing lamps, and related electrical lampholders and wiring devices, but it will also increase their current customer base.
"The acquisition represents a remarkable step for our corporate strategy to accelerate expansion in our core lighting business segments," says Christian Sauska, LightSources CEO. "This is in line with the overall global strategy for continued investment in our traditional and emerging niche lighting markets."
Voltarc’s machinery and equipment will be relocated to the production facilities in Orange, Conn.
"We will build upon Voltarc’s customer relationships by maintaining high-quality and state-of-the-art lighting products," says Gino Ciancanelli, vice president of LightSources. "It’s our plan to continue marketing the long-established, respected and successful brands such as Voltarc, Kulka, Hyde, Masonlite and Aristo."
The addition of the Voltarc family of products is a very special and exciting milestone for the global lighting family. The companies expect a rapid and seamless transition with an even stronger team and look forward to working with new customers and partners in the near future.
Sources:
Republican American: Voltarc Lays Off 80; Plans Asset Sale and Voltarc Assets Sold To Competitor
