Mick Hannaford, the majority owner of Rossula, will continue to operate as a managing director for entertainment lighting within Polaron's controls division. Revenues for the year ended March 2004 were approximately £2 million. Polaron also announced that trading continues in line with expectations and the company will be announcing its interim results in early March 2005.
Joe Stelzer, Chief Executive of Polaron plc, commented: "We are delighted with this acquisition which consolidates our leading position in the UK lighting controls market and will enhance our position as a key supplier of entertainment technology products. Lightfactor and LightProcessor will be integrated with our controls businesses, including the recently acquired iLight, and I envisage a number of significant synergies within the division. Following restructuring I expect this acquisition to be earnings enhancing and cash generative."
MD Mick Hannaford said of the acquisition of Lightfactor Sales: "I am really excited by the opportunities and advantages this brings for all our customers, staff and suppliers alike. I believe the industry is going through change and this move puts us in the very best position to benefit."
Hannaford went on to comment on the acquisition of LightProcessor: "We believe by combining our innovative design philosophy and the resources of the Polaron group, we now have the ability to deliver products at the speed, price and on a scale that today's global marketplace dictates."
(Sarah Rushton-Read)
