ERM Power Limited
(ASX:EPW) has acquired Lumaled, a company specialising in energy-efficient lighting for industrial and commercial business.
The purchase is comprised of an acquisition cost of $3.5 million, plus a payment of up to $1.5 million which is contingent on first-year earnings.
ERM Power CEO and Managing Director, Jon Stretch said the acquisition will be earnings accretive from FY17, its first full year of operations within ERM Power.
Mr Stretch said the Lumaled proposition will form a a key part of the Customer Solutions portfolio which the company has indicated will comprise approximately 8 percent of earnings by 2018.
ERM Power recorded a net profit of $14.95 million at 31 December 2015.
