Methode Electronics has announced its plans to acquire Nordic Lights Group Corporation, a Finnish public company specializing in lighting solutions for heavy-duty equipment. With an offer price of EUR 6.30 per share, the acquisition is set to amount to approximately EUR 132 million. Nordic Lights’ products, which include work lights, driving lights, and signal lights for heavy-duty equipment, are mainly based on LED technology and are designed for use in the mining, construction, forestry, agriculture, and material handling industries. The acquisition signals the growing importance of LED technology in the heavy-duty equipment sector, as well as the increasing integration of technology into various industries worldwide.
“Methode considers Nordic Lights to be highly complementary to its own existing LED lighting solutions. In addition, the business aligns well with our inorganic growth framework given its focus on engineered solutions for OEMs, its industrial and non-auto transportation market exposure, and its customer and geographic diversity. We look forward to working closely with the talented Nordic Lights team to grow and strengthen their business even further,” says Methode Electronics’ President and CEO, Donald W. Duda, in a press release.