Fagerhult withdraws from South Africa
In November 2015 Fagerhult acquired 100% of the lighting manufacturer Lighting Innovations, which was founded by Bruce Waddell in 1989. Lighting Innovations Africa (now the new name) is one of the most important domestic manufacturers of lighting solutions; however, in the past the market has not developed as expected, so Fagerhult has now decided to invest its money in more lucrative markets. The process will be completed by the end of the year.
Turnover in South Africa last year was 161 m South African Rand (ZAR); this corresponds to EUR 7.78 m.