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CINCINNATI, May 5, 2014 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today announced that it recently acquired from 3M, for an undisclosed price, certain assets in connection with 3M's digital signage business including hardware, software, and access to customer relationships. The Graphics business segment of LSI Industries has for many years worked with 3M in the digital signage business and has ongoing business relationships with customers who have purchased and used 3M's digital signage solutions.
David McCauley, President, LSI Graphics Segment, commented, "As a leader in the digital signage market, we have enjoyed a long relationship with 3M. This acquisition will add significant depth to our capabilities as we supply our customers with total digital signage solutions from project concept through content development, deployment, assessment and system monitoring. We look forward to expanding into new market segments, serving national and international brands, and responding to the ever-changing needs of our customers. This acquisition, while not material from a current sales and earnings standpoint, affords us economies of scale, lowers our cost structure, and is expected to improve profit margins through software ownership. We are excited about the opportunities that this acquisition provides."
"3M Commercial Graphics Division and LSI Industries have had a long and productive relationship across several 3M product lines, from large format graphics to digital signage. That, in addition to LSI's 7 years of experience using the 3M Digital Signage Software – Network Edition platform, made LSI a great fit for this business. We understand how important these systems are to customers' operations, and are pleased that LSI has also agreed to provide support for these existing digital signage software customers," said Robert Doughty, Vice President, 3M Commercial Graphics Division.
Scott D. Ready, President of LSI Industries Inc., commented, "This acquisition is consistent with LSI Industries' objective of investing and promoting technology within both its graphics and lighting businesses."