OceanLED announces restructuringPosted on
The management of OceanLED’s marine division bought out the assets of the marine business and secured investor funding to continue to build the U.K.-based underwater lighting company.
The company said it sold Lietcorp, its commercial non-marine lighting division, and renamed itself OceanLED Marine Ltd.
The parent company was placed into administration March 14 to facilitate a management buyout of the marine underwater lighting business and Lietcorp.
OceanLED said its directors have spent the last four years developing both businesses.
“The reality of building these two businesses has been significant management distraction and financial stress,” the company said.
The company said OceanLED USA LLC is not affected.
OceanLED Marine said it is fully focused on working with and serving its diverse marine customers across the world. The company said its product line serves a multitude of uses on board for all types and sizes of boats.
The company said its continuing projects at some of the world’s most prestigious boatyards and boat builders, along with a loyal dealer network across the globe, are testament to its advanced technical achievements, industry recognition and constant pursuit of excellence in the field of marine lighting.
The company said Lietcorp was acquired by Future Energy Lighting Technologies Ltd. Lietcorp, for some time, had looked to move away from its parent company to focus on its commercial products and believes the buyout will secure a long-term future in the lighting industry. The acquisition allows further investment in creating cutting-edge lighting technology.
“Despite the slight disruption in our manufacturing and shipping schedules earlier in the year, we’re eager to continue to bring to market, and expedite the delivery of, our new Amphibian Xtreme Series and Pro Series HD Gen2 underwater lights,” OceanLED CEO Derek Duffill said.
“Customers can rest assured that their OceanLED products are the best and brightest in the industry, are protected by our 2-year warranty and that we’ll continue to lead the industry we introduced back in 2004 for many years to come.”