Company plans to build new production facility and create more than 150 jobs.
LALED, a Louisiana-based manufacturer of LED lighting, announced this week that it has merged with Louisiana-based Magnolia Companies, a move it says will position the company for rapid growth.
Because of the infusion of capital, LALED is moving forward with its plans to build an LED manufacturing facility in the Acadiana area and hopes to secure real estate in the next six months, according to the merger announcement.
"We have been steadily growing over the course of the past few years and finally reached a point that we felt a partner would allow us to reach the level we need to become a major supplier in this country," Robert Owens, CEO of LALED, said in a prepared release. "This merger will now allow for massive growth and for us to continue to invest in the Louisiana economy through a new production facility."
LALED's current manufacturing is in Taiwan and China, with finish assembly in Lafayette. Its new manufacturing facility, however, will allow for up to 80 percent of manufacturing to be done in the Lafayette area, creating more than 150 high skilled jobs over the next three years, according to the release.
"We are a Louisiana born company and now have the means to be able to continue to build our product in a state we believe in," Owens added. Owens remains LALED's principal owner and will continue to serve as CEO.
LALED says it will immediately begin building and storing more than $1 million of inventory for sale and quick delivery throughout the world.
A venture capital group that invests in startups to fuel their growth, Magnolia Companies of Louisiana is led by Glen Smith and is based out of New Orleans. It has invested in about 20 companies, including a real estate brokerage, a CPA firm, several marine ports and a film production company in Baton Rouge.
For more information about LALED, click here.