We will continue to demonstrate the leadership and commitment necessary to provide our customers with innovative lighting products and services. Our strategic partnership will allow each of our companies to bring new products to market more quickly.
Atlanta, GA and Herndon, VA. (PRWEB) October 21, 2008
Acuity Brands, Inc. (NYSE: AYI) today announced that its wholly-owned subsidiary, Acuity Brands Lighting, Inc. ("ABL"), has entered into a strategic partnership with Renaissance Lighting, a privately-held, pioneering innovator of solid-state light-emitting diode ("LED") architectural lighting. This partnership includes, among other opportunities, ABL's licensing of Renaissance Lighting's extensive intellectual property estate, namely its Constructive Occlusion® optical system.
ABL, a recognized leader in lighting products and services, and Renaissance Lighting have agreed to collaborate on research and development and other projects supporting the continuous improvement and advancement of LED technologies suitable for consumer, architectural, commercial, institutional and general illumination applications. The agreement is intended to accelerate each company's commercialization of industry-leading LED luminaires, reinforcing both companies' commitment to innovation that enhances the value proposition of solid-state lighting.
"Partnering with Renaissance Lighting gives Acuity Brands Lighting the ability to continue to build our rapidly-growing LED portfolio and develop innovative new products through the use of advanced, patented technology," said Vernon J. Nagel, Chairman, President and Chief Executive Officer of Acuity Brands. "Renaissance Lighting's intellectual property estate, experienced management team, and multi-disciplinary approach will further enrich ABL's depth of technical expertise in product design and development for the growing LED market."
"As one of the largest and most-respected lighting companies in the world, Acuity Brands Lighting has the resources to help us accelerate the delivery to market of breakthrough LED technology," said Renaissance Lighting Chief Executive Officer Barry Weinbaum. "ABL's collaboration with Renaissance Lighting validates our technological viability in both the lighting industry and our global marketplace. It also serves as a key endorsement of our intellectual property prowess, diversity and breadth, while solidifying the inevitability of solid-state technology's impact on the future of lighting. We are proud to be aligned with such a respected industry leader."
The exponential improvements in solid-state technology have allowed LED-based light sources to surpass traditional technologies in energy efficiency, fixture life, and environmental impact. This efficiency translates into a significant reduction in both energy and overall maintenance costs for the end-user thereby reducing their carbon footprint.
Mr. Nagel and Mr. Weinbaum both commented, "We will continue to demonstrate the leadership and commitment necessary to provide our customers with innovative lighting products and services. Our strategic partnership will allow each of our companies to bring new products to market more quickly." Mr. Nagel concluded, "We are pleased to now count Renaissance Lighting among our fine group of industry partners."
About Acuity Brands:
Acuity Brands, Inc. owns and operates Acuity Brands Lighting, Inc. and Acuity Brands Technology Services, Inc. With fiscal year 2008 net sales of over $2.0 billion, Acuity Brands Lighting and Acuity Brands Technology Services combined are one of the world's leading providers of lighting fixtures and related products and services and include brands such as Lithonia Lighting®, Holophane®, Peerless®, Mark Architectural Lighting™, Hydrel®, American Electric Lighting®, Gotham®, Carandini®, SpecLight®, MetalOptics®, Antique Street Lamps™, Synergy® Lighting Controls, SAERIS™, and ROAM®. Headquartered in Atlanta, Georgia, Acuity Brands employs approximately 6,300 associates and has operations throughout North America and in Europe and Asia.
About Renaissance Lighting:
Renaissance Lighting, headquartered in Herndon, VA, produces highly creative lighting products delivering exceptional appearance, superior efficiency, and glare-free illumination for architectural applications. The company's innovative approach to product engineering and design is supported by 27 patents including its optical and feedback control technologies.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that may be considered forward-looking include statements incorporating terms such as "will," "expects," "believes," "intends," "anticipates," "may," and similar terms that relate to future events, performance, or results of Acuity Brands. Specific forward-looking statements made in this press release include the collaboration with Renaissance Lighting on research and development and other projects, enhancements and growth of ABL's existing LED portfolio using advanced technology, acceleration of the commercialization of industry-leading products that utilize solid-state lighting sources, and the ability to bring new products to market more quickly. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the expectations or projections expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, customer and supplier relationships and prices; competition; market demand; and economic, political, governmental, and technological factors.