TEANECK, NJ-Siemens' OSRAM AG, the world’s second largest lighting company, has agreed to acquire the 85% of lighting and energy management systems company Encelium Technologies it did not already own, for an undisclosed sum, Encelium announced today.
After closing, Encelium will become part of the OSRAM Lighting Management System division. The acquisition will offer expansion and job growth opportunities for the 10-year-old Encelium, maker of the ECS energy control system, says Tony Marano, Encelium’s president and CEO.
“We’ve established a brand, but we lacked two things,” the larger global brand of Siemens and OSRAM Sylvania, its North American operations, and the parent’s leadership role in developing LED technology," Marano tells GlobeSt.com. “I believe the future is in LED, and I believe we can reduce the cost to make it more economical.”
All of Encelium’s employees in New Jersey, Canada and Europe will remain with the company, with the exception of Marano, who will depart the company by his own choice by the end of the year. “This opens significant opportunities for them,” he says, acknowledging “It’s difficult to let go of a company you’ve built.”
Encelium had begun to attract interest from venture capital firms, but the marriage with OSRAM will allow for continued expansion. Marano said he expected that New Jersey would continue to be home for Encelium.
"With the OSRAM brand and its resources behind us, we are now embarking on the next chapter for our company - one that surely will include increased adoption of Encelium lighting controls in the commercial marketplace," Marano added in the announcement of the sale. "Our organization now is well positioned to help ECS evolve into the industry’s dominant lighting control technology."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
