Montana BidCo Oy, owned by Methode Electronics, is now the largest shareholder of Nordic Lights shares with over 90 percent ownership. Montana BidCo Oy will also initiate compulsory redemption proceedings to acquire all the remaining shares in accordance with the Finnish Companies Act.
Donald W. Duda, President and Chief Executive Officer of Methode Electronics, comments the following:
“Nordic Lights is highly complementary to our existing LED lighting and industrial radio remote control businesses and advances our focus on engineered solutions for OEMs, on industrial and non-auto transportation markets, and on customer and geographic diversity. We welcome the talented Nordic Lights team and look forward to further growing and strengthening the business.”
Methode is a leading global supplier of custom engineered solutions with sales, engineering and manufacturing locations in North America, Europe, Middle East and Asia. Methode designs, engineers and produces mechatronic products for Original Equipment Manufacturers (OEMs) utilizing a broad range of technologies for user interface, LED lighting system, power distribution and sensor applications. Its solutions are found in the end markets of transportation (including automotive, commercial vehicle, e-bike, aerospace, bus, and rail), cloud computing infrastructure, construction equipment, consumer appliance and medical devices. Methode was founded in 1946 and is headquartered in Chicago, Illinois, with its shares admitted to public trading since 1966. As reported in Methode’s last 10-K annual report filing, at April 30, 2022, Methode had approximately 7,000 employees worldwide, and net sales of approximately USD 1.1636 billion.
Tom Nordström, Chief Executive Officer, Nordic Lights Group Corporation
Tel. +358 400 909005