Press Release

« Back

Hubbell Acquires Varon Lighting Group

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30-50% of the energy used in most commercial buildings today and the vast majority of today's buildings are utilizing outdated, inefficient lighting.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