Glamox has purchased Poland's leading lighting company
Glamox has secured over 98 per cent of shares in the lighting company ES- SYSTEM, the largest lighting company in Poland by turnover.
On 4 December, it was confirmed that Glamox has acquired a total of 98.21% of shares in Polish lighting company ES-SYSTEM. The public tender to shareholders in the company was thus concluded. The tender was published on 14 October at 3.5 PLN per share, meaning company equity is recognised at a value of 150 million PLN (approx. 354 million NOK). CEO of Glamox, Rune Marthinussen (to the right), together with the President of the ES-SYSTEM management board, Mr. Rafał Gawrylak and Vice-President of the management board Waldemar Pilch. One of the projects ES-SYSTEM has supplied lighting to is the Oslo Opera House.
ES-SYSTEM is the leading supplier of professional lighting solutions in the Polish market. The company was founded in 1990 and has headquarters in Kraków, Poland. Today, the company employs nearly 900 people full-time and has two factories i Wilkasy and Dobczyce. ES-SYSTEM has several renowned projects on its books, including the KaDeWe shopping centre in Berlin and the Oslo Opera House. The company is listed on the Warsaw Stock Exchange and last year had turnover of 192 million PLN (approx. 443 million NOK).
This acquisition gives Glamox access to an attractive lighting market with high growth driven by a healthy macro-economy and a high level of activity in the construction and installation industry.
"The acquisition of ES-SYSTEM is in line with Glamox's strategy of buying up leading companies in Western and Central Europe with matching customer segments, channels and market position. ES- SYSTEM's products will further strengthen the range of products we are able to offer to our customers. In addition to giving us a leading position on the Polish market it will also strengthen us on our core markets," says CEO of Glamox, Rune Marthinussen.
The transaction was completed on 10 December and the purchase has been approved by the relevant competition authorities. Glamox intends to acquire all shares in ES-SYSTEM, and will put in motion an obligatory buy-out procedure for the remaining shares under the conditions stipulated by Polish law. Glamox also intends to withdraw ES-SYSTEM from the Warsaw Stock Exchange.