Purchase of LiteMagic expands company’s product offerings
In 2018, Signify acquired LiteMagic, a Shenzhen-based manufacturer that focuses on the facade lighting system. The acquisition is expected to help Signify strengthen its product offerings in the company's high-end facade lighting system portfolio and capture growth in the urban market segment. Likewise, it also helps the company capitalize on the large and fast-growing market for urban lighting in China. The addition of LiteMagic added immediate sales of more than $35.0 million, with the company expected to leverage its existing products across LiteMagic’s customer channels.
Balance Sheet|New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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