Carmanah buys Israeli Lightech company outstanding shares for $18.5 million

Vancouver-based Carmanah Technologies announced to buy Israeli LED company Lightech Electronic Industries Ltd. outstanding shares for $18.5 million. And this is expected to close in November 2010.

Lightech, based in Lod and founded in 1992 by David Schreiber, designs drivers and transformers for use in LED and halogen lighting which it manufactures in China.

It recorded a loss of $1.2 million on $19.5 million revenue in 2009. But in the first half of 2010 revenue totaled $10.6 million with net profit of $800,000.

According to Carmanah chairman Rob Cruickshank, with this merger, Carmanah will be taking advantage of the vast lighting market's current shift to LED, and applying the joint resources of Carmanah and Lightech to satisfy the urgent market need for LED lighting. In turn, the resulting technology developments at Lightech will ultimately advance the capabilities and applications of Carmanah's outdoor area illumination product portfolio.

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