LSI Industries announces agreement to sell New York manufacturing facility
LSI Industries announced that the company has entered into a definitive agreement to sell its manufacturing facility in New Windsor, New York. The company previously announced the closure of the New York facility on October 29, 2018. The facility manufactures indoor lighting products and production is being transferred to the company's Independence, Kentucky and Blue Ash, Ohio facilities. Under terms of the agreement, the company will receive approximately $12M in gross proceeds related to the sale of the New York facility. In addition, the company expects to generate approximately $4M in annualized cost savings resulting from improved operating efficiencies. The transaction is expected to close on or before June 30, subject to final approval from the town leaders of New Windsor, New York.