Leviton acquires JCC Advanced Lighting
Melville, N.Y.-based Leviton Tuesday announced the acquisition of JCC Advanced Lighting, a United Kingdom-based leader in LED lighting suitable for a wide variety of residential and commercial applications.
The acquisition establishes Leviton in the U.K. market and affords the company growth opportunities internationally, according to the company.
“Leviton’s acquisition of JCC provides a significant presence in the U.K. and a good base for the future,” said Don Hendler, CEO of Leviton. “Since our beginnings more than a century ago, Leviton has built a reputation on innovation and product development, so adding a market-leading advanced lighting solutions business like JCC makes strategic sense for our global expansion.”
Terms of the deal were not disclosed.
JCC will operate as a wholly owned subsidiary of Leviton, maintaining operations in the U.K. The company will continue to be led by Richard Adey, currently the executive chairman of JCC, who will report directly to Daryoush Larizadeh, Leviton’s chief operating officer.
“JCC is delighted to be part of Leviton, given its renowned expertise and global reach in controls technology, which will drive JCC’s further expansion both in the U.K. and overseas,” added Adey. “Leviton’s input will help further enhance our LED product innovation and development, which is fundamental to our business strategy."
Harvard study sees home improvement recovery slowing in 2014
A report from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, issued last week, predicts a slowdown for the recovering home improvement market in mid-2014.
The Leading Indicator of Remodeling Activity (LIRA) report does foresee strong continued double-digit gains for the remainder of the year and the beginning of 2014, spending is expected to peak in the first quarter of next year at $148.9 billion and then fall to $147.9 billion in Q2.
“The soft patch that homebuilding has seen in recent months, coupled with rising financing costs, is expected to be reflected as slower growth in home improvement spending beginning around the middle of next year,” said Eric S. Belsky, managing director of the Joint Center.
Belsky added that remodeling activity is expected to remain strong, and with home prices and existing-home sales continuing an upward trend, homeowners are poised to regain lost equity.
“In the near term, homeowner spending on improvements is expected to see its strongest growth since the height of the housing boom,” added Kermit Baker, director of the Remodeling Futures Program at the Joint Center.