A restructuring programme that sees the departure of chair and CEO Frank Ward transfers the business into the hands of a parent company to be known as SLI International Holdings.
The new owners include a consortium of investment banks comprising DDJ, Cerebrus and JP Morgan. A press statement from the new owners states that the uncertain financial situation of the group, which has overshadowed operations for months, is now happily over.
Per Langholz, president of SLI General Lighting Europe said: "Here in Europe, we are delighted that these financial uncertainties are over.
"The new owners will continue to invest in strategically important aspects of our business, in both luminaires and lamps, and push forward lighting innovation."
Source
Electrical and Mechanical Contractor
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