ATLANTA (AP) -- Lighting equipment maker Acuity Brands Inc. said Wednesday that it has agreed to acquire Sensor Switch Inc., a manufacturer of lighting controls and energy management systems, for a total of about $205 million including stock, cash, and a note payable.
Wallingford, Conn.-based Sensor Switch offers a variety of products and solutions designed to reduce energy consumption including occupancy sensors, photocontrols and distributed lighting control devices, Acuity said.
Acuity expects the acquisition to broaden its footprint in both the new construction and building systems markets while also expanding its presence in the renovation and relight market.
The cash payment will be funded from available cash and from borrowings under the company's existing credit facility. The deal, which is subject to regulatory approval, is expected to close in the next 30 days.
Sensor Switch generated sales of more than $37 million for the fiscal year ended Oct. 31. The acquisition is expected to slightly boost Acuity's financial results in the first full year of ownership.
In morning trading, Acuity shares fell 72 cents, or 3.1 percent, to $22.54.