Barclays funding backs Dialight’s global growth
Barclays Corporate has secured the banking and arranged £10m of facilities for Dialight PLC in Newmarket to underpin the cleantech company’s global expansion strategy.
Dialight specialises in the manufacture of environmentally-friendly commercial and industrial solid-state lighting solutions using LEDs (light emitting diodes). The new funding facilities will provide Dialight with the flexibility it needs to manage strong organic growth and to explore new markets and complementary acquisition opportunities.Founded in 1990 by the current chairman, Harry Tee, Dialight holds a main listing on the London Stock Exchange and employs over 900 people globally in Newmarket, the US and Mexico. It also has offices in Germany and latterly, through the acquisition in April 2010 of BTI Light Systems, in Denmark.Mark Fryer, group FD for Dialight said: "The support we are receiving from Barclays Corporate underpins the growing recognition in the wider lighting market of the benefits that high brightness LEDs deliver in terms of cost economies, reduced maintenance burdens and lighting performance efficiencies.”Tanya El-Masri, Relationship Director and Manufacturing Specialist, Barclays Corporate, Cambridge added: “We have built a strong working relationship with Dialight and are delighted that they are now our clients. We look forward to helping them to further grow their very successful business.”Dialight defines the current state of LED lighting technology with continuous innovations in light output, efficacy and reliability for a complete line of high-specification lighting fixtures specifically designed for industrial, commercial, hazardous location, transportation & infrastructure applications. These results are directly related to the company's ongoing commitment to advancing solid-state lighting products that vastly reduce maintenance, improve safety, ease disposal, and are more environmentally friendly - helping to reduce CO2 emissions, the dominant GHG contributor to global warming.