Square D Co., a business unit of Paris-based Schneider Electric, has agreed to buy Juno Lighting Inc., for $610 million. The sale price includes about $200 million of assumed debt.
Although Square D has lighting controls systems in its distribution equipment offering, the acquisition is Square D's first foray into the lighting fixtures business. Juno, which has about 1,000 employees, reported earnings of $16.2 million on sales of $242 million in fiscal 2004. The company makes lighting fixtures for commercial, institutional and residential buildings, and also makes showcase lighting fixtures, fiber-optic lighting products, and emergency and exit lighting signs.
Juno sells its products through more than 2,100 distributors of lighting products located in the United States and Canada. The company will continue to operate as an independent business.
