CINCINNATI, Jan. 22, 2020 (GLOBE NEWSWIRE) — LSI Industries Inc. (NASDAQ: LYTS, or the “Company”), a leading U.S. based manufacturer of indoor/outdoor lighting and graphics solutions, today announced a definitive agreement to sell its 212,000 square foot North Canton, Ohio graphics manufacturing facility.
The Company will relocate its existing operations to a smaller, leased facility in the North Canton area, while retaining its existing workforce. Recent advancements in graphics technology, together with other productivity improvements, allowed for a significant reduction in square footage required to support the ongoing growth of the business.
Under the terms of the agreement, the Company will receive approximately $8 million in gross proceeds. Sale proceeds will serve to fuel additional investments and reduce net debt, which was $21.6 million at the end of the first quarter fiscal 2020.
“The sale of our North Canton facility and relocation of existing production represents another important step toward maximizing the efficiency and leverage of our supply chain and asset base,” stated Jim Clark, President and CEO of LSI Industries. “Relocating to a nearby leased facility allows us to retain our valuable skilled workforce in North Canton, ensuring that we continue to provide the innovation, quality and service our customers expect from LSI,” concluded Mr. Clark.
The Company expects the sale of the North Canton facility to close on or before the end of its fiscal third quarter.
About LSI Industries
LSI Industries Inc. is a U.S.-based manufacturer of lighting, graphics and technology solutions for both indoor and outdoor applications. We are a leading solutions provider to the primary end-markets we serve, including petroleum, automotive, quick serve restaurants, grocery, banking, retail, renovation, parking and warehousing. Our products are marketed throughout North America through a network of independent sales representatives and distributors, as well as through national accounts. We partner with our customers to provide a full range of design support, engineering, installation and project management services. Headquartered in Blue Ash, Ohio, LSI currently employs more than 1,200 employees and operates seven facilities throughout the United States.
For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit http://www.lsi-industries.com/fls as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.