Acuity Brands

On January 9, 2024, Acuity Brands Inc (NYSE:AYI) released its 8-K filing, detailing the financial results for the first quarter of fiscal 2024. Despite a 6% decline in net sales compared to the prior year, the company demonstrated robust financial discipline, achieving a 22% increase in operating profit and a significant 40% increase in diluted earnings per share (EPS).

Acuity Brands Inc, a leading industrial technology company, is known for its innovative lighting and building management solutions. The company operates primarily in North America, Europe, and Asia, with a strong focus on developing new products and services that contribute to its growth and market share.

Financial Performance and Challenges
The decrease in net sales to $934.7 million was attributed to a 7.5% decline in the Acuity Brands Lighting and Lighting Controls (ABL) segment, although this was partially offset by a 13% increase in the Intelligent Spaces Group (ISG) segment. Despite the sales downturn, Acuity Brands Inc managed to grow its operating profit to $132.9 million, reflecting a notable improvement in profitability.

The company's ability to expand its margins is particularly important in the competitive industrial products industry, where efficiency and cost management are key to maintaining profitability. The adjusted operating profit margin increased by 250 basis points to 16.5%, indicating the company's successful cost control measures and operational efficiency.

Financial Achievements and Importance
Acuity Brands Inc's financial achievements, such as the growth in operating profit and EPS, are critical indicators of the company's operational effectiveness and its ability to enhance shareholder value. The reported diluted EPS of $3.21 and adjusted diluted EPS of $3.72 represent a significant return to shareholders, especially in light of the repurchase of approximately 0.3 million shares for $50 million during the quarter.

The generation of $190 million in cash flow from operations is another testament to the company's strong financial health and its capacity to fund operations, invest in growth opportunities, and return capital to shareholders.

Key Financial Metrics and Commentary
Key metrics from the income statement, balance sheet, and cash flow statement reveal a solid financial position for Acuity Brands Inc. The company's balance sheet shows a healthy cash and cash equivalents balance of $513.3 million, an increase from the previous quarter, indicating strong liquidity.

"We continued to demonstrate strong execution in our fiscal 2024 first quarter," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Brands, Inc. "We increased our adjusted operating profit, adjusted operating profit margin and adjusted diluted earnings per share. We generated significant free cash flow, and we allocated capital effectively to drive value."

Acuity Brands Inc's performance reflects its strategic focus on operational excellence and capital allocation. The company's ability to navigate market challenges while delivering growth in profitability and shareholder returns positions it well for future success.

Analysis of Company Performance
While the decline in net sales presents a challenge, Acuity Brands Inc's performance in fiscal Q1 2024 demonstrates the company's resilience and strategic focus on margin expansion and profitability. The company's strong cash flow generation and share repurchase program further underscore its commitment to creating value for shareholders. As Acuity Brands Inc continues to innovate and optimize its operations, it remains well-positioned to capitalize on market opportunities and drive sustainable growth.

For a detailed understanding of Acuity Brands Inc's financials and strategic direction, investors and interested parties are encouraged to review the full 8-K filing.

Explore the complete 8-K earnings release (here) from Acuity Brands Inc for further details.

This article first appeared on GuruFocus.

An agreement has been reached for Acuity Brands to acquire the Arize family of LED grow lights from Current Lighting Solutions and Hort Americas will continue to be the exclusive distribution partner.

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Atlanta, GA – – Acuity Brands, Inc. (NYSE: AYI) (“Company”) announced today that it has reached an agreement to acquire the Arize® family of horticulture lighting products from Current Lighting Solutions, LLC (”Current Lighting”). The Company has also reached an agreement with Hort Americas, LLC for it to remain as the exclusive distributor of these horticulture lighting products throughout the U.S., Canada, and Mexico.

“By adding these high-powered, greenhouse-focused luminaires to our horticulture lighting portfolio, Acuity Brands will be positioned to greatly expand our product offering to the fast-growing controlled environment agriculture market, while taking advantage of our lighting and controls expertise to help growers increase productivity while decreasing energy consumption,” said Tony Gineris, VP & General Manager, Industrial and Outdoor, Acuity Brands Lighting and Lighting Controls. “In addition, we will be aligning ourselves with Hort Americas, an established leader in the commercial greenhouse space.”

Founded in 2009, Hort Americas (Bedford, TX) works closely with qualified manufacturers to bring to market quality, technically advanced, and cost-effective products for use in commercial greenhouses, vertical farms, and controlled environment agriculture applications. Hort Americas has focused on understanding how LED grow lights can help growers improve production and improve their operating expenses by decreasing energy consumption since 2010. They constantly work with growers to understand their needs and respond with science-supported educational materials, while working with their manufacturing partners to develop products that meet those needs.

“Hort Americas is extremely grateful to have had the opportunity to work with Current Lighting (previously known as GE Current, a Daintree Company) to help develop a lineup of LED grow lights with proven reliability over time,” said Chris Higgins, President of Hort Americas. “We are now excited to partner with Acuity Brands and continue building on the success, as well as the products, technology, and services, so many growers have come to depend on.”

The transaction with Current Lighting is expected to close by the end of January 2024 when the Arize products will join the Verjure™ series of horticulture lighting products from Acuity Brands. The Hort Americas agreement will go into effect upon the closing of the transaction with Current.

“We know we need scale, proven customer service, strong warranties and a reputation for engineering high-quality products to be successful,” Higgins added. “Only a few companies in North America can offer all of these characteristics. We are confident that one of the leading lighting technology companies in North America, Acuity Brands, will be a partner to help us advance the horticulture industry going forward.”

Twelve of Acuity Brands' lighting solutions were selected as 2023 Product Innovation Award (PIA) winners by Architectural SSL Magazine, which recognize innovative LED and solid-state luminaires and fixtures on the market, while also spotlighting the players behind the components that make up these light sources.

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Atlanta, GA – Acuity Brands, Inc. (NYSE: AYI) announced today twelve architectural lighting luminaires representing the company’s Aculux®, Cyclone Lighting™ , Eureka®, Gotham®, Hydrel®, Juno®, Lithonia Lighting®, Luminaire LED™ , Luminis®, Mark Architectural Lighting™ , and Peerless® brands were selected as 2023 Product Innovation Award (PIA) winners by Architectural SSL Magazine. The PIAs recognize innovative LED and solid-state luminaires and fixtures on the market, while also spotlighting the players behind the components that make up these light sources.

PIA winners include:

Aculux: WarmDim® Solution allows the color temperature of its AX3 and AX4 Series downlights to warm perceptibly to an evening glow as dimmed. With a customized dimming curve designed to emulate halogen sources, WarmDim delivers smooth, natural transitions (3000K-1800K) which dramatically impact the ambience of a space, evoking a more intimate atmosphere. This solution features a light engine designed and built in house and offers excellent color consistency at 1 SDCM, ensuring that lighting remains uniform and precise, all while providing unparalleled precision beam control, with distributions as narrow as 10° for accent lighting applications. Whether using a narrow or wide distribution, the color mixing optics guarantee superb color mixing while dimming the light level, without any visible striations in the beam.

Cyclone Lighting: Tribeca Side-Mount Luminaire features a unique wedge shape that generates a silhouette, giving designers a tool for imparting a decidedly modern feel to a space. A rectangular push button latch preserves a sleek aesthetic while providing easy access to internal components for maintenance. Each luminaire incorporates Cyclone’s proprietary Orion optics, a high-performance optically engineered system that provides uniform illumination and delivers light where needed. With these advanced optics and a choice of light distributions, Tribeca is well-suited for various lighting applications, including urban streets, municipal roads, entertainment districts, parking lots, and area lighting.

Eureka: Tangram-Trace uses bold straps and a prismatic lens to create a dramatic aesthetic and provides high-quality, diffused linear illumination. With its flat power cable fully concealed inside its strap, designers can invent their own visual language without suspension cables or fasteners in the way. Spacers direct the path of the strap between the fixture and canopy: straps may be pulled in or pushed out to create the desired shape. The luminaire is available in 2', 4', and 6' lengths; the straps can be configured into 12 pre-set shapes, or designers can work with Eureka to create custom designs. It’s intended for modern environments such as conference and executive areas, hospitality applications, or reception spaces.

Tangram-Cut defines space with strong geometric lines suspended at angles you choose. All seamlessly connected with straps flowing into the fixtures as one. This solid UV resistant and crystal grade glass piece comes with a clear finish for a jewel-like effect, or with a frosted exterior creating a softer, mysterious light. A single 90 CRI COB light engine creates a powerful illumination delivering up to 2500 lumens. Also available in tunable white. The fixture is suspended by two high quality UV resistant nylon straps housing an imperceptible flat power cable. Available in 5 eye-catching colors. Canopy and anchor distance can be specified to create a variety of strap angles. They can be positioned inside or outside as desired.

Gotham: EVO / Incito 4" and 6" Emergency Battery Backup Cylinders offer three emergency backup solutions including (1) integral battery, (2) remote sidecar, and (3) recessed gear housing. The integral battery backup cylinder is the industry’s first true integral battery pack option for 4” and 6” cylinders and is engineered to incorporate an emergency battery into the cylinder without the need for a power canopy. The cylinders feature easy access for maintenance and intuitive test switch location between emergency and non-emergency cylinders. Available in a 6W emergency battery, and a 4" cylinder up to 2,500 lumens and 6" cylinder up to 4,500 lumens. For higher ceiling applications that require greater light output in emergency mode, the remote sidecar cylinders are available in 7W, 10W or 15W emergency batteries. The recessed gear housing cylinders are perfect for applications with access above the ceiling to discreetly hide a 10W emergency battery. All emergency cylinders comply with NFPA 101 (Life Safety code) delivering constant light output throughout the 90 minutes of code required when there is a normal AC power loss, thereby providing a safe egress of lighting during power outages.

Hydrel: FLAME Lighting Technique is a new play on RGBW LED light. The patent-pending lighting technique offers two beams in one luminaire: a central beam and an outer beam that blend harmoniously to create an impressive accent gradient effect. This unique optical engineering construction is currently available with SAF7, SAF14, and SAF28 floodlights in RGBW. Designers can choose a Narrow, Wide, or Lotus FLAME to create the desired lighting aesthetic.

Juno Trac: WarmDim Technology is now available with Juno’s T381L and T261L track fixtures, the company’s WarmDim technology replicates the feeling of halogen lighting, but with the operating life and efficiency of LEDs. Compatible with several factory-approved dimmers, WarmDim provides gradual and uniform dim-to-warm control—3000K to 1800K—while delivering up to 1195 lm using 16W and a standard minimum CRI of 90. The LED driver is contained in a side-mounted, vertical housing to maximize thermal efficiency and minimize fixture size.

Luminaire LED: Vandal Resistant Down Lights (VRDL) are an architecturally designed series combining a clean, sleek aesthetic with the ability to withstand heavy abuse and harsh environments. VRDL luminaires are rated IK10 after testing for impact resistance and rated IP66 for resistance against water and dust to perform under the toughest conditions and most determined abuse. VRDL luminaires are designed (patent pending) to be ligature resistant and feature anti-tamper hardware and a ¼ inch polycarbonate lens. Certified NSF2, they have been evaluated for corrosion resistance and cleanability, as well as the ability of its exposed material to withstand everyday wear. The luminaires are easy to sanitize, which supports the infection control standards established by healthcare facilities. The series is available in 4” and 6” sizes with a range of 1800K through 6500k in static white, tunable white, warm dim, red and amber color temperatures to adapt desired illumination. The series is fully compatible with both nLight® Wired and Wireless lighting control platforms.

Lithonia Lighting: D-Series LED Area Luminaires offer fifteen optical distributions, including unmatched Backlight Control optics. These breakthrough optics effectively reduce lumens behind the pole to just 0.5% of the total while providing outstanding forward and lateral projection. This provides added design flexibility when placing luminaires close to property lines and ensures compliance with stringent light trespass criteria set by local legislation and codes. With the extensive range of D-Series optical distributions, users have the flexibility to design lighting systems that reduce cost and maximize efficiency while addressing the growing concerns of light trespass in application.

Luminis: Inline Family of Exterior Luminaires are a contemporary range of bollards and columns with a distinctly urban aesthetic. Independently adjustable light modules allow lighting designers to capture the essential elements in a landscape arrangement. The luminaires produce impactful illumination for spaces such as parks, plazas, outdoor arena spaces, landscaped gardens, pedestrian areas, and other urban environments. Bollards are available in heights of 24”, 39", and 46". Designers may select up to two light modules per bollard. Columns with up to four modules per column and pole heights of up to 20’ may be chosen. Light modules rotate 355° individually for controlled illumination and one-of-a-kind flexibility. Final positioning and rotation of each module can be modified on-site during installation.

Mark Architectural Lighting: SLOT 2 | 4 Pendant, Surface, Wall linear lighting delivers a simple line of light by creating brilliant illumination and exceptional visual comfort in a small form factor. These products offer direct, indirect, or direct | indirect in both static and tunable white. Each features multiple lens options, including continuous flush, drop, and edge view, as well as top glow shielding (indirect) and integrated deep cell quiet baffle (direct). Integrated sensors are available, and embedded nLight® wired and nLight AIR wireless controls. SLOT 2 | 4 participate in Declare, a material transparency program.

Peerless: Proper offers a seamless line of light and direct/indirect illumination that can be controlled independently. Built with an emphasis on visual lighting design, color quality, and glare control and to facilitate compliance with the WELL Building Standard, this luminaire has a continuous luminous lens that can extend up to 100 linear feet without breaks. The tunable white option features two ranges—productivity (3000K to 5000K) and rhythm (2700K to 6500K)—with a CRI between 80 and 90 CRI. The direct output ranges from 300 to 1300 lm/ft, while indirect output ranges from 300 to 1500 lm/ft.

With judging and evaluation of products and systems from a distinguished panel of designers and lighting specialists skilled in product evaluation, the PIA program awards manufacturers based on attributes, qualities, functionality and/or performance beyond industry standards.

Acuity Brands, Inc. is excited to announce that six Acuity Brands lighting solutions were selected for the 2023 Illuminating Engineering Society (IES) Progress Report, which showcases the year's most significant advancements in the art and science of lighting. Selections were made by an impartial committee that evaluated submissions based on uniqueness, innovation, and significance to the lighting industry.

2023 IES Progress Report winners include:

• Aculux® WarmDim® technology
• A-Light™ Lean Sustainable Luminaire
• Gotham® EVO® / Incito™ 4" and 6" Emergency Battery Backup Cylinders
• Hydrel® FLAME Lighting Technique
• Lithonia Lighting® D-Series LED Area Luminaires
• Peerless® Proper™ luminaires

"We are honored to be recognized by industry experts and peers for our lighting solutions," said Acuity Brands Lighting and Controls Senior Vice President, Amra Boucher. "The inclusion in the IES Progress Report helps showcase Acuity Brands advancements in our luminaire, driver, and wireless controls innovations and reflects our ability to continuously provide customized solutions for a variety of applications.”

Intense, evenly distributed light with widespread coverage makes this Juno wallwash track fixture series the ideal choice wherever a uniform beam pattern is desired to enhance an accent wall, signage, product display or any focal point on the room perimeter. Available in 7 lumen packages ranging from 1700 to over 6000 delivered lumens, this new wall wash family is also highly efficient boasting up to a best-in-class 148 lumens per watt to deliver guaranteed energy savings.

Juno’s slim, non-invasive design maintains a discreet presence. Minimal aperture brightness fights glare, improving user comfort. Impeccably designed center of gravity maintains perfect balance regardless of fixture aiming. Fixtures can even be aimed straight down to provide widespread ambient lighting! The fixture provides 360° horizontal rotation and 90° vertical aiming, and it is designed with vertical aiming scales and locking set screws. It is compatible with Juno Trac-Master® or Trac-Lites™ track systems, and it is also available with optional alternate mounting adapters for use on the most frequently encountered competitor track systems.

Driver is assembled in a slim profile housing mounted parallel to the track providing minimized overall footprint. Custom hyperbolic reflector creates a smooth, wide beam pattern and enables deep LED regression for maximum visual comfort. Match lighting performance to the size of the space and desired effect with a choice of 7 lumen packages. Blast the room perimeter for visual impact or dim it to your preference to create a more balanced space.

Features

• Narrow and compact design reduces visual clutter at the ceiling and blends in with any environment
• Integral driver design and concealed wiring provides a clean, non-invasive appearance
• Patented, hyperbolic reflector design creates wide, uniform low-glare illumination
• Delivers minimum 70% lumen maintenance at 50,000 hours operating life
• Lightweight, but robust, die cast aluminum construction is designed to maintain a consistent center of gravity, regardless of aiming
• Vertical aiming lock screws and aiming scales for precise, secure fixture aiming
• 2700K, 3000K, 3500K or 4000K white phosphor high-performance LEDs
• Highly efficient design provides efficacy of up to 148 lumens per watt
• Standard dimmable using high-quality, factory-approved dimmers

Narrow Profile LED Wall Wash | Juno® Trac | Juno Lighting

This Juno LED wall wash track fixture series is the ideal choice wherever a uniform beamspread is desired to enhance an accent wall, signage, or product display.

juno.acuitybrands.com

Mark Architectural Lighting, a brand within the Acuity Brands Lighting and Controls portfolio, releases MAGELLAN™, a new family of large-format, architectural, circular luminaires. The Magellan family includes pendants, ceiling-surface, and recessed ceiling luminaires, as well as surface and recessed wall-mounted solutions. Pendant luminaires range in size from 18” to 48” and offer direct, indirect, direct/indirect, and sound absorption solutions, depending on mounting style. Surface and recessed luminaires for wall and ceiling applications range in size from 12 to 72-inches and offer direct illumination and sound absorption solutions.

Atlanta, GA, June 20, 2023 - MARK Architectural Lighting, an established leader in architectural lighting solutions, today releases MAGELLAN™, a new family of large-format, architectural, circular luminaires. Delivering a clean, modern style across a variety of sizes and configurations, Magellan luminaires offer a wide variety of features and aesthetics that provide visual comfort in architectural spaces.

The Magellan family has evolved to include pendants, ceiling-surface, and recessed ceiling luminaires, as well as surface and recessed wall-mounted solutions. These new luminaires are designed to be impeccably clean with no seams or visual disruptions in their circular form. The result is an elegant drum-style luminaire that appears to be carved from one solid form.

Magellan is designed with a focus on delivering the highest quality of lighting performance. Offering from 600 to 48,500 lumens, Magellan can provide soft illumination for an intimate setting or fill large volumes from high above, making it one of the most powerful and versatile indoor architectural luminaires offered today.

Featuring nLight® and nLight AIR control options, Magellan luminaires are simple to specify, design, install, and set up. Unlock network capabilities such as firmware updates, advanced scheduling, remote programming, and BACnet® integration with nLight enabled luminaires. Optional eldoLED® proprietary driver technology creates seamless transitions for flicker-safe deep-dimming, provides consistent color while dimming, and further facilitates embedded lighting control schemes.

Innovation continues into the lens design, which is offered in two distinct visual styles: flush and edge view. The flush lens is fully captured by the integral frame of the luminaire and sits flush with the direct surface plane. Flush lenses are available in flat or convex designs, offering a variety of fully luminous aesthetic options. Alternatively, Magellan offers an edge view lens that floats just below the frame of the luminaire and creates a luminous plane with a visible lit edge. The edge view lens is available in flat, convex, or concave forms, offering exciting new looks.

Magellan is the first luminaire from MARK Architectural Lighting to offer a sound reducing acoustic solution on the direct plane of the luminaire. Available in 19 colors, the sound absorbing material provides a noise reduction coefficient rating of 0.45 - 0.9 and consists of 1/2" thick polyester felt that is 100% recyclable. The material is Red List Free.

The elegant simplicity of the Magellan luminaire combined with the variety of mounting locations, sizes, lenses, and best-in-class performance brings you the flexibility and utility you have come to expect from MARK Architectural Lighting, all in a well-designed, efficient, and reliable platform.

For more information about MAGELLAN luminaires, visit marklighting.com/magellan

About Mark Architectural Lighting
Founded in 1965, Mark Architectural Lighting, a brand within the Acuity Brands Lighting and Controls portfolio, is a leading manufacturer of specification-grade lighting solutions designed to complement the architecture of Class-A office spaces and applications. Through minimalist, design-neutral forms, and the most advanced lighting technology available, luminaires from Mark Architectural Lighting are known for their stylish and innovative designs. Dedicated to customer satisfaction and collaboration, Mark Architectural Lighting excels in working with the architects and lighting designers to translate design ideation to production-quality solutions. Visit at www.marklighting.com

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nLight® is pleased to announce that the nLight® AIR Wireless EM Solution is the proud recipient of LEDs Magazine’s 2023 BrightStar Award! The EM Solution is the first lighting solution using wireless technology to ensure that emergency lighting is deployed within 10 seconds of building power loss. A panel of industry experts in design, manufacturing, and market development judged BrightStar entries based on performance, reliability, efficiency, ease of integration/use, and innovation.

The nLight AIR EM solution is designed for projects with external emergency power sources, such as generators or inverters, and delivers a lower cost of install than traditional solutions by eliminating dedicated wiring used to sense normal power. Instead of requiring additional wiring, nLight AIR devices connected to normal power wirelessly communicate with EM devices to advise when normal power is available.

ATLANTA, MAY 23 – nLight announced today that it was awarded a LEDs Magazine 2023 BrightStar Award for Product Innovation for their nLight® AIR Wireless EM Solution. This solution is designed for projects with external emergency power sources, such as generators or inverters, and delivers a lower cost of installation than traditional solutions by eliminating the dedicated wiring used to sense normal power.

UL 924 requires that a building’s emergency lighting components actively monitor normal power to ensure that emergency lighting is deployed within 10 seconds of power loss. In the past, this activity has typically required wiring from the emergency control device to a normal power circuit. The nLight AIR EM solution eliminates the need for the dedicated wiring typically used to sense normal power and is the first-time wireless technology has been leveraged to meet this code requirement.

nLight AIR devices connected to normal power wirelessly communicate with EM devices to advise when normal power is available – not only simplifying design but also lowering installation costs by as much as 40%. A variety of nLight AIR devices include the built-in feature to sense the availability of normal power.

The nLight AIR EM solution also includes software intelligence enabling users to decide which devices communicate normal power as well as a convenient test feature in the CLAIRITY+ mobile app that simulates normal power being lost and reduces the need to access critical areas to cycle breakers.

“We are honored to be recognized by industry experts for our nLight AIR Wireless EM Solution," said Mark Lane, Director of Product Management, nLight. “The inclusion in the BrightStar Awards Program helps showcase nLight’s advancements in our controls innovations and reflects our ability to continuously provide solutions that deliver more value to our customers in a variety of applications.”

Visit our site to learn more about the features and benefits of the nLight AIR Wireless EM Solution.

The BrightStar Awards recognize ingenuity in commercial components, materials, tools, controls, and finished products for LED-based applications. Categories include indoor/outdoor illumination, horticultural lighting, connected lighting, circadian and disinfection lighting, and specialty applications. Visit ledsmagazine.com for more information.

About nLight
nLight, a brand within the Acuity Brands Lighting and Controls portfolio, is a wired and wireless networked digital lighting controls platform for both indoor and outdoor spaces. nLight seamlessly integrates an industry-leading portfolio of controls enabled luminaires and intelligent digital devices – including occupancy and daylight sensors, power packs, wall switches, touch screens, relay panels, and input/output devices – to create a system with unmatched levels of distributed intelligence to drive energy savings, enhanced user configurability and comfort. Visit us at www.nlightcontrols.com

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With a simple but full range of driver models and an easy-to-use programming tool, FieldSET LED Drivers are a versatile solution for servicing almost any LED fixture in the field. FieldSET™ LED Drivers from eldoLED allow replacement of almost any failed driver in the field with a solution that matches power, output current, and dimming level requirements.

The FieldSET handheld programming tool provides visual and audible feedback during programming. This battery-operated handheld tool does not require a computer to operate, making it versatile and simple to use. When installing FieldSET replacement drivers, electrical contractors can program the output current with 1mA of resolution and dim levels to 1%, 5% or 10%.

Installation is quick and hassle-free. We provide a selection of nine replacement drivers that cover most commercial lighting installations, reducing SKU complexity and inventory costs for distributors.

ATLANTA, JUNE 15, 2023 – Acuity Brands, Inc. (NYSE: AYI) is pleased to announce the release of FieldSETTM Field-Programmable LED Drivers from eldoLED®, providing distributors and contractors a new way to service existing LED fixtures. FieldSET LED Drivers are a selection of unique and versatile replacement drivers that can be easily programmed in the field to replace end-of-life driver components in a facility’s LED luminaires. The FieldSET suite of products offers a simple portfolio of nine driver SKUs that service a variety of fixture types such as indoor linear or compact designs and industrial and outdoor fixtures.

With just a few presses of a button on the portable handheld FieldSET LED Driver Programming Tool, electricians can set desired current levels and 0-10V minimum dimming levels for the FieldSET driver, as well as set dim-to-off functions to properly match the performance of the driver being replaced.

Benefits of FieldSET LED Drivers include:

• The capability to service and replace failed driver components in a variety of fixture types and applications.
• Nine versatile driver designs that provide an easy stocking solution for electrical distributors.
• Simple push-button programming from a compact, battery-powered device.
• The ability to read existing settings from compatible OPTOTRONIC® drivers for even simpler replacement.
• FieldSET driver solutions from Acuity Brands are carefully engineered, manufactured, and handled to deliver optimal customer satisfaction and performance in the field. For additional information, resources, and complete product specifications, visit www.acuitybrands.com/FieldSET.

About eldoLED
eldoLED, an Acuity Brands company, is a world leader in the design and manufacture of intelligent driver solutions for LED-based lighting systems. Our technologies empower our customers to deliver the promise of LED lighting, which provide smarter, sleeker and more efficient systems to meet the needs of an increasingly energy-conscious world.

Founded in 2007, eldoLED is headquartered in Eindhoven, The Netherlands, with US offices in Conyers, GA and Wilmington, MA. Visit us at www.eldoled.com.

About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Lighting Controls (ABL) and the Intelligent Spaces Group (ISG), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and location-aware applications. Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by more than 13,000 dedicated and talented associates. Visit us at www.acuitybrands.com

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ATLANTA, MAY 15, 2023 – Today, Acuity Brands, Inc. (NYSE: AYI) (“Acuity”) a leading industrial technology company, announced the successful closing of its acquisition of KE2 Therm Solutions, Inc. (“KE2 Therm”), which develops and provides intelligent refrigeration control solutions that improve profitability by increasing system efficiency and decreasing operational and service costs. Effective today, Acuity will begin integrating KE2 Therm into Distech Controls within the Intelligent Spaces Group business segment of Acuity.

“We are thrilled that Acuity Brands has closed the acquisition of KE2 Therm and are excited to begin its integration within Distech Controls,” said Martin Villeneuve, President, Distech Controls and SVP Distributed Building Technology at Acuity. “This acquisition allows us to expand our product offerings and reach new customers in the commercial refrigeration market. Distech Controls looks forward to working alongside the talented KE2 Therm team to create an even stronger, more competitive company.”

On April 14, 2023, Acuity announced that it signed a definitive agreement to acquire KE2 Therm. Acuity is committed to a smooth integration process with minimal disruptions to customers, business partners, and associates. Additional information about the acquisition can be found at www.acuitybrands.com.

About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and location-aware applications. We achieve customer-focused efficiencies that allow us to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by more than 13,000 dedicated and talented associates.

For more information, visit www.acuitybrands.com

About Distech Controls
Distech Controls connects people with intelligent building solutions through our forward-thinking technologies and services. We partner with customers to deliver innovative solutions that can provide better health, better spaces, and better efficiencies. Our passion for innovation, quality and sustainability guides our business, which serves multiple market segments through worldwide business divisions, service offices and a superior network of Authorized System Integrators and Distributors. Distech Controls Inc. is a subsidiary of Acuity Brands, Inc.

For more information, visit www.distech-controls.com

ATLANTA, April 14, 2023 (GLOBE NEWSWIRE) -- Today, Acuity Brands, Inc. (NYSE: AYI) (“Acuity”) a leading industrial technology company, announced a definitive agreement to acquire KE2 Therm Solutions, Inc. (“KE2 Therm”), which develops and provides intelligent refrigeration control solutions that improve profitability by increasing system efficiency and decreasing operational and service costs.

The transaction is expected to close during the spring of 2023 when KE2 Therm will begin integrating into Distech Controls within the Intelligent Spaces Group business segment of Acuity.

“We are focused on increasing our addressable market for Distech Controls,” said Peter Han, President of the Intelligent Spaces Group. “In recent months, we have expanded our presence in new regions and now, with the acquisition of KE2 Therm, we will expand into the commercial refrigeration controls market as it transitions from analog to digital controls. KE2 Therm’s controls and software will help us lead this transition, and we are excited to welcome the talented team to Acuity.”

“By combining Distech Controls’ market-leading controls, sensors, and software with KE2 Therm’s refrigeration solutions, we will improve our customer access and unlock new market opportunities,” said Patrick Holdmeyer, President of KE2 Therm. “We share the same values and focus on product innovation and superior technical support. We are thrilled to join Acuity.”

The transaction is subject to the satisfaction of certain customary closing conditions. Until close, the companies will continue to operate independently.

About Acuity Brands
Acuity Brands, Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light, and more things to come. Through our two business segments, Acuity Brands Lighting and Lighting Controls (“ABL”) and the Intelligent Spaces Group (“ISG”), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.

We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management systems, and location-aware applications. We achieve customer-focused efficiencies that allow us to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.

Acuity Brands, Inc. is based in Atlanta, Georgia, with operations across North America, Europe, and Asia. The Company is powered by more than 13,000 dedicated and talented associates.

For more information, visit www.acuitybrands.com

About Distech Controls
Distech Controls connects people with intelligent building solutions through our forward-thinking technologies and services. We partner with customers to deliver innovative solutions that can provide better health, better spaces, and better efficiencies. Our passion for innovation, quality and sustainability guides our business, which serves multiple market segments through worldwide business divisions, service offices and a superior network of Authorized System Integrators and Distributors. Distech Controls Inc. is a subsidiary of Acuity Brands, Inc.

For more information, visit www.distech-controls.com

About KE2 Therm
KE2 Therm is a developer and manufacturer of branded, intelligent refrigeration control solutions that use proprietary advanced controls algorithms, software, and controls. The company’s technology is specified by a wide range of end users, consultants and major OEM manufacturers of evaporators, walk-in freezers and coolers for both new install and retrofit refrigeration applications.

KE2 Therm seeks to save energy, preserve the environment, and improve profitability for its customers by delivering energy saving electronic solutions to the heating, ventilating, air conditioning and refrigeration (HVAC-R) industry.

KE2 Therm was founded in 2009 by Patrick Holdmeyer to accelerate the penetration of smart digitized and connected refrigeration controllers in North America. The company is headquartered in Washington, Missouri.

For more information, visit https://ke2therm.com