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ACE LED LIGHT > Industry News > Cooper Lighting Solutions closes one factory, Lumileds sells its lighting fixtures and accessories business

Cooper Lighting Solutions closes one factory, Lumileds sells its lighting fixtures and accessories business

2024-07-01
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Lumileds has signed an agreement with First Brands

Recently, Lumileds has signed an agreement with First Brands for First Brands to acquire Lumileds’ lighting fixtures and accessories business for $238 million. The sale is expected to be completed in the second quarter of 2024. As part of the acquisition, Lumileds’ automotive lighting factories in China, Germany, and Poland will be transferred along with the lighting fixtures and accessories business. Lumileds will retain its factories and facilities in the Netherlands, the United States, Malaysia, Singapore, Germany, and Jiaxing, China.

This acquisition will expand ABB’s market coverage in the smart buildings sector, providing customers with a more comprehensive product portfolio. The acquired business includes switches, sockets, smart home systems, smart door locks, and other home automation products, which will continue to use the Siemens brand under the authorized agreement

On May 22nd, Xingguang Co., Ltd. announced the termination of the capital increase and acquisition of 51% equity of Guangdong Ruifeng Culture Technology Co., Ltd. (hereinafter referred to as ‘Ruifeng Culture’). Xingguang Co., Ltd. stated that the main reason for terminating the acquisition was the change in the business operation of Ruifeng Culture, which differed from the company’s development strategy. After careful consideration and thorough analysis, and after friendly negotiations among all parties, it was unanimously agreed to terminate the original ‘Capital Increase and Expansion Cooperation Agreement’ and terminate the capital increase and equity acquisition

On the evening of May 16th, Shenzhen Textile announced its intention to terminate the acquisition of 100% equity of Hengmei Optoelectronics Co., Ltd. by issuing shares and paying cash, as well as the fundraising matters. Shenzhen Textile A is an industry pioneer in the field of polarizing films in China. Hengmei Optoelectronics was established in 2014 and is mainly engaged in the research and development and manufacturing of polarizing plates, optical functional films, optical compensation films, and display screen materials.

Cooper Lighting Solutions announces the closure of a factory

Cooper Lighting Solutions recently announced the closure of its factory in Vicksburg, Mississippi, USA, and the commencement of the transfer of lighting fixture manufacturing from the Vicksburg plant to other Cooper Lighting Solutions manufacturing locations. It’s understood that this once bustling manufacturing facility spans 450,000 square feet and employed up to 1,800 employees at its peak, marking a significant shift in the economic landscape of the town and reflecting broader trends in global manufacturing and corporate strategy.

Silan Microelectronics and BOE Huacan announced expansion of production

On the evening of May 21st, A-share semiconductor leader Silan Microelectronics announced in a statement that it plans to jointly invest 4.15 billion yuan with Xiamen Semiconductor Investment Group Co., Ltd. and Xiamen New Wing Technology Industrial Co., Ltd. to increase the capital of its subsidiary, Xiamen Silan Jiuhong Semiconductor Co., Ltd., and signed the ‘Investment Cooperation Agreement for the 8-inch SiC Power Device Chip Manufacturing Production Line Project

Recently, Huacan Optoelectronics announced its intention to invest approximately 985 million yuan to implement expansion projects through its wholly-owned subsidiary, BOE Huacan Optoelectronics (Suzhou) Co., Ltd., in order to implement the company’s strategic development plan and enhance its overall competitiveness. In addition to expanding production in Zhangjiagang, BOE Huacan also stated this year that it will further advance investment expansion projects in Yiwu, Zhangjiagang, Zhuhai, and other locations.

Cooper Lighting Solutions announces the closure of a factory

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