Varroc Lighting Systems has announced the signing of a joint venture agreement with ELBA, a privately-held lighting and electronics company based in Romania.
The joint venture will focus on electronics manufacturing, and - given the constantly increasing electronic content of lighting products - will significantly support Varroc Lighting's successful growth in Europe. The joint venture will be located in Timisoara, Romania. Terms of the agreement were not disclosed.
"Varroc already designs and develops all of its own electronics hardware and software, the addition of vertically integrating the manufacturing will further support our profitable growth," said Varroc Lighting Systems President and CEO Stephane Vedie. "ELBA is recognized as a lighting specialist in the European market, and we are looking forward to a successful partnership with them."
"The global lighting market is facing major changes, where electronics integration is key to address the actual and future needs of the final customer," said Bogdan Cocian, CEO of ELBA. We are eager to start this new JV, in partnership with Varroc, to vertically integrate and optimize our supply of electronic components."
The partnership with ELBA is Varroc Lighting's second electronics-focused initiative in recent months. In July, the company acquired Sa-ba Automotive, a Turkish-based manufacturer of small lighting and electronics products.
END