CFO Michael Wood says Fagerhult to focus its investments on more attractive growth opportunities.
European lighting company Fagerhult Group has taken the decision to exit its South African business, Lighting Innovations Africa, as part of its ongoing strategic review.
Lighting Innovations is one of the main domestic manufacturers of professional lighting solutions in South Africa.
“Since the acquisition in 2015, Lighting Innovations has managed the LED transition and maintained a position as a strong local brand for professional lighting solutions,” says Fagerhult CFO Michael Wood. “However, the market has not developed as expected and we have decided to focus our investments on more attractive growth opportunities in other markets.