Genlyte Thomas Group LLC (GTG), Louisville, Ky., has agreed to acquire certain light pole assets of the Shakespeare Industrial Group of K2 Inc., headquartered in Carlsbad, Calif. The purchase includes the decorative, commercial and utility light poles, transmission and distribution poles, crossarms, and certain other composite operations located in Newberry, S.C., and Largo, Fla.
Larry Powers, president and chief executive officer of Genlyte Thomas Group said, “We are pleased with the strategic benefits of this acquisition. The Shakespeare Composite Structure business will enable GTG to provide a full line of composite lighting poles for our customers and will enhance our overall product offering in the outdoor lighting markets. Annualized sales for the business segments acquired are forecasted to be slightly over $30 million this year. The transaction is expected to be slightly accretive to our earnings in 2003.”
K2 said it is exiting the business to focus on its core products and markets. K2 said in a press release that the transaction is expected to close in its second calendar quarter.