Acuity Brands Announces Sale Of National Chemical
ATLANTA, Nov 4, 2003 /PRNewswire-FirstCall via COMTEX/ -- Acuity Brands, Inc. (NYSE: AYI) announced today that it has sold its National Chemical product line to Cascade Water Services, headquartered in New York. Prior to this sale, National Chemical was a part of Acuity Specialty Products (ASP), a business segment of Acuity Brands, which includes leading brands such as Zep(R), Enforcer(R), and Selig Industries(TM). Cascade owns and operates water treatment facilities throughout the United States.
National Chemical manufactures specialty chemical products and provides services for boilers, cooling towers, and wastewater applications throughout North America. National Chemical represents an immaterial portion of the consolidated net sales and operating profit of Acuity Brands.
James H. Heagle, President and Chief Executive Officer of Acuity Specialty Products, said, "This sale by ASP reflects our commitment to better focus our resources and efforts primarily on customers in our core specialty chemical and retail business units. We want to maximize our opportunities in these two areas by continuing to bring more innovative and cost effective solutions to markets where we have leadership positions. We are pleased to transfer this business to Cascade, affording the employees of National Chemical an opportunity to develop their careers in a company more focused on water treatment."
Acuity Brands, Inc., with fiscal year 2003 net sales of approximately $2.0 billion, is comprised of Acuity Brands Lighting and Acuity Specialty Products. Acuity Brands Lighting is a world leader in lighting fixtures and includes brands such as Lithonia Lighting(R), Holophane(R), Peerless(R), Hydrel(R), and American Electric Lighting(R). Acuity Specialty Products is a leading provider of specialty chemicals and includes brands such as Zep(R), Enforcer(R), and Selig Industries(TM). Headquartered in Atlanta, Georgia, Acuity Brands employs approximately 11,400 people and has operations throughout North America and in Europe and Asia.
SOURCE Acuity Brands, Inc.
Karen Holcom of Acuity Brands, Inc., +1-404-853-1437
http://www.acuitybrands.com