Universal Lighting Technologies, Nashville, Tenn., has been sold to Matsushita Electric Works Ltd. (MEW), a subsidiary of Matsushita Electric Industrial Co. and owner of the Panasonic line of ballasts.
Universal Lighting Technologies manufactures electronic and magnetic ballasts for fluorescent and HID lighting as well as a full offering of dimming ballasts and controls for all lighting applications. Universal Lighting Technologies generates annual revenues of approximately $300 million through the marketing and sale of products under the Universal, Triad, and Signa brand names. The company was formerly known as MagneTek Lighting Products, but was sold to Littlejohn & Co., a private-equity firm, in 2001.
Operating primarily under the Panasonic name, Matsushita Electric Works has annual revenues of more than $14 billion and more than 50,000 employees worldwide.
Universal Lighting Technologies will maintain its company name, management team and full product line, the company said in a press release. Matsushita Electric Works provides synergies to Universal through advanced lighting technologies, product development and advanced manufacturing processes. The acquisition will also provide Universal Lighting with a broader global footprint for servicing its overseas customer base, Universal Lighting Technologies said in a press release.
“Our new association with MEW will enable Universal Lighting to continue to build and strengthen our reputation for customer service, innovation and providing products that contribute to a better quality of life for our customers,” said Pat Sullivan, president and CEO of Universal Lighting.
In its announcement, Matsushita Electric Works said it is seeking to strengthen the operation base of its lighting devices business in North America by acquiring Universal Lighting Technologies. The acquisition will allow the MEW Group to develop solid business foundations in the Japanese, European and North American markets for lighting devices.