ORANGE, Conn.--(BUSINESS WIRE)--Dec. 19, 2008--Hubbell Incorporated (NYSE: HUBA, HUBB) announced today the acquisition
of the Varon Lighting Group, LLC. Financial terms were not disclosed.
Based in Chicago, IL, Varon is a leading manufacturer of
energy-efficient lighting fixtures and controls designed for indoor
commercial and industrial lighting retrofits, as well as outdoor new and
retrofit pedestrian-scale lighting applications. The company excels at
the deployment of energy-saving relighting solutions through lighting
service companies, energy service companies and electrical distributors
nationwide. Its products provide effective solutions for reducing
lighting electricity demand and improving lighting quality while
creating a significant return on investment for end users. The Varon
Group has established strong brand equity with its customer base with
four primary brands: Precision Lighting, Paragon Lighting, Beacon
Products and Thomas Research Products. Precision and Paragon focus on
commercial and industrial facilities while Beacon specializes in outdoor
and public spaces. The company has manufacturing operations in
California, Florida, and Wisconsin and a research and development
facility in Illinois.
Following completion of the transaction, Varon will join Hubbell's
Lighting business, and will enhance the existing portfolio of eighteen
premium lighting brands, including Kim Lighting, Architectural Area
Lighting, Kurt Versen, Columbia Lighting, and Progress Lighting.
"Lighting accounts for 30-50% of the energy used in most commercial
buildings today and the vast majority of today's buildings are utilizing
outdated, inefficient lighting. A lighting renovation represents the
single greatest opportunity for facility managers and owners to
substantially reduce their energy consumption and create a cost payback
in as little as two years. In addition to reducing energy costs, we can
provide people with superior quality lighting which will allow their
businesses to be operated more effectively and more safely," said
Timothy H. Powers, Chairman, President and CEO of Hubbell Incorporated.
"This very large retrofit market is an attractive complement to our
existing lighting business which emphasizes new construction. We expect
to utilize the research and development prowess of Varon to be a leader
in the deployment of energy efficient LED lighting in outdoor
applications. The acquisition is expected to be accretive to Hubbell's
financial results in 2009."
Hubbell Incorporated is an international manufacturer of quality
electrical and electronic products for a broad range of non-residential
and residential construction, industrial and utility applications. With
2007 revenues of $2.5 billion, Hubbell Incorporated operates
manufacturing facilities in the U.S., Canada, Puerto Rico, Mexico,
Italy, Switzerland, Brazil, Australia and the United Kingdom,
participates in joint ventures in Taiwan and the People's Republic of
China, and maintains sales offices in Singapore, Hong Kong, South Korea,
the People's Republic of China, Mexico, and the Middle East. The
corporate headquarters is located in Orange, CT.
CONTACT: Hubbell IncorporatedWilliam R. Sperry, 203-799-4100
Source: Hubbell Incorporated