WAC Lighting, Port Washington, New York, acquired all operating assets related to the Schonbek brand from Swarovski Lighting Ltd., including its Plattsburgh, New York, manufacturing plant. WAC will now own and operate a U.S.-based factory that will expand its domestic manufacturing capabilities to include fabrication, finishing and assembly.
Completion of the transaction is subject to various closing conditions and is expected to close by June 30, 2021. Terms of this purchase were not available.
The Plattsburgh factory will focus on made-to-order and custom products for all of the brands in the portfolio, including Modern Forms, dweLED, WAC Lighting, Limited and Aispire. It will also play a strategic role in designing new products and developing new luxury finishes for all brands. This synergy underscores WAC’s commitment to vertical-integration and market expansion. Schonbek is a global brand with established distribution in Europe, Australia and the Middle East where WAC does not yet have a presence. This strategic acquisition can be expected to be a precursor to an introduction of the W Group companies into those markets.
“We are excited to acquire the Schonbek brand of luxury crystal lighting and collaborate with the talented people in Plattsburgh to continue this proud tradition,” says WAC CEO Dirk Wald. “After July 1, there will be a period of investment in the operations necessary to secure the future in Plattsburgh, beginning with a killer new product launch that we have been planning for several months in anticipation of this acquisition. Leveraging WAC’s strengths in nimble product development, the new Schonbek product launch, to be unveiled simultaneously in New York City and Montreal this coming fall, will represent the largest product introduction in the history of Schonbek.”
“My family and I were thrilled to hear this news,” says Andrew Schonbek. “Working with Dirk was a joy, as I witnessed first-hand his creative energy, passion for the product, impeccable design sense and understanding and advocacy of customers.”