NORTH KINGSTOWN – Lighting systems manufacturer Icon International in North Kingstown was acquired by Japan’s Endo Lighting Corporation for $11 million, the company announced publicly Thursday.
Icon President Michael Goeller said the acquisition could lead to 100 percent growth annually for the next three to five years. It is going to immediately start targeting expanding its client base to Canada and Mexico.
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“We’re going to be using their LED product in the U.S. market with current and new customers,” said Goeller. “The opportunities they bring are really unbelievable and we’re positioned to take advantage of those opportunities.”
Icon currently handles a lot of national accounts, such as chain grocery stores.
The company is also looking to add three employees to its 32-person staff at the North Kingstown facility immediately – in engineering, project managers, and possibly sales people for the West and East Coasts. Icon could eventually add up to 10 people, Goeller said.
Endo will break into the U.S. market with the acquisition; it has 2,600 LED products.
It is a publicly traded company with 1,600 employees and factories in Japan, China and Thailand.
“This is a very good match,” said Goeller in a news release. “Both Endo and Icon are customer focused. We share a dedication to creating light that enhances the ambiance of the surroundings while integrating technologies to maximize energy efficiency.”
Icon, founded in 1947, has operated as a subsidiary of Endo since Sept. 8.
