TCP International Holdings Ltd. Filed Plans to Raise up to $100 Million

Light-bulb maker TCP International Holdings Ltd. filed plans to raise up to $100 million through an initial public offering of common stock aimed at widening its manufacturing operations. TCP plans to expand production of light-emitting diodes, or LEDs, an increasingly common component used in applications ranging from televisions to streetlamps. The company also makes compact fluorescent lamps and halogen bulbs. The light maker held 32% of the U.S. CFL market in 2010, according to the National Equipment Manufacturers Association, and said it is poised to benefit as consumers move away from older incandescent lightbulbs--which TCP doesn't make--to more energy-efficient products. Major customers of the manufacturer include Home Depot Inc. (HD) and Wal-Mart Stores Inc. (WMT), which mostly sells TCP products under a private label. TCP's earnings slid 79% last year as sales declined 2.2% from the previous year. The two biggest shareholders in the company are Solomon and Ellis Yan, two brothers who co-founded the company and serve as its president and chief executive, respectively. Source: foxbusiness.com