Orion Energy Systems, Inc. is a leading power technology enterprise. Today it announced that it has completed acquisition of all of the issued and outstanding equity interest in Harris Manufacturing Inc and Harris LED. The two companies are located in Florida and manufactures, design and engineer energy-efficient lighting systems including LED lighting solutions.
Harris Manufacturing and Harris LED posted revenue of around US$14.5 million for the fiscal year that ended December 31 last year.
According to Orion CEO John Scribante, the company is very pleased to announce that the acquisition deal has reached completion. He also added that the company is happy to welcome the customers and employees of Harris to Orion.
Andrew Bebbington, VP for Business Development of Orion and previous CEO of Harris said that the company is excited to join the Orion group. Harris also recognized numerous opportunities that will bring a cross sales of products across the respective end markets.
The price of the acquisition was US$10 million and is subjected to post-closing adjustments for net working capital. The purchase price was paid through a comnination of US$5 million in cash, US$3 million worth of three year unsecured subordinated note and US$2 million of unregistered Orion common stock. The latter stock was totaled 856,997 shares.
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