National Service Industries Inc. (NSI), Atlanta, will spin off Lithonia and other related lighting companies as a public company.
The new company, to be headquartered in Atlanta, will be called Acuity Brands Inc. The company had 2001 annual revenues of $2 billion and will employ over 10,000 people. Acuity Lighting Group consists of Lithonia, Holophane and other lighting brands, including Peerless, Hydrel and Antique Street Lamps.
The new company will be listed on the New York Stock Exchange under the symbol “AYI.”
“The name Acuity Brands implies strong, focused leadership and a culture that aspires to high performance,” said James Balloun, NSI's current chairman and chief executive officer, who will become Acuity's chairman and chief executive officer after the spin off.
NSI, after the spinoff, will be composed of its current textile rental and envelope businesses.