--Company Partners With Jabil for Mass Production of its Mainstream LED Lighting;Increases Investment In Its U.S.Manufacturing Facility For Large-Scale,Custom Projects and Infrastructure and Roadway Product Lines
--Realignment Reflects Focus on Core Strengths of Innovation,Product Development and Market Development;Underscores Commitment to Improving Financial Performance
Lighting Science Group Corporation(OTC Bulletin Board:LSCG),one of the world's leading LED lighting manufacturers,today announced that it is realigning its manufacturing operations to capitalize on increasing market demand for its LED lighting products,while positioning the company for long-term growth and profitability.
A 2012 McKinsey&Company report predicted that LED lighting will comprise almost 70 percent of the general lighting market by 2020.As the premier innovator in LED lighting,and North America's largest manufacturer and distributor of LED lighting for residential,commercial and industrial use,Lighting Science Group is strategically poised to benefit from this market expansion.To enhance its market position,the Company is channeling its assets and capital to support innovation,product development,sales,marketing,distribution and its U.S.-based manufacturing—the core functions that will contribute to the Company's continued growth on its path to profitability.
In an effort to respond quickly to growing customer demand,Lighting Science Group is also expanding its relationship with world-class electronics manufacturer,Jabil Circuit(NYSE:JBL),which will provide the Company with greater scale,global production capabilities,a stronger supply chain and faster speed to market for its new products.
Between now and the year-end,Lighting Science Group will be transitioning its manufacturing production in Monterrey,Mexico,to Jabil.The transition is planned to ensure uninterrupted delivery of products to the market. Once the transition is complete,production will cease at the Monterrey facility.Additionally,the Company is increasing investments in its Satellite Beach,Florida manufacturing facility,where it will focus primarily on the production of large-scale,custom lighting products and its infrastructure and roadway product lines.
