One of the top Underwater LED lighting companies, OceanLED has announced that it has restructured itself and refocused its attention and funding on its leading brand OceanLED Marine Ltd.
For the past four years the directors of OceanLED Ltd, a UK-based manufacturing facility, have been developing two distinct business divisions, the marine underwater lighting business, OceanLED, and a separate commercial non-marine lighting division, trading as Lietcorp. The reality of building these two businesses ended up being a significant management distraction with too much financial stress. The parent company, OceanLED Ltd, was placed into administration on Friday 14th March in order to facilitate a management buy-out of both companies, with OceanLED USA LLC unaffacted.
The management of OceanLED’s marine division have now bought out the assets of the marine business and secured investor funding to continue to build the world’s leading underwater lighting company. OceanLED Marine Ltd is now the new company and according to OceanLED, remains 100% focused on working with and serving its diverse marine customers across the world.
According to OceanLED, they will continue to manufacture the world’s most popular and most widely distributed marine lighting brand in the world. The UK-based company’s product line serves a multitude of uses on board for all types and sizes of boats; from 3 meter RIBS to the largest superyachts.
Lietcorp has been acquired by Future Energy Lighting Technologies Ltd. Lietcorp, for some time, had looked to move away from its parent company to focus on its commercial products and believes the buy-out will secure a long-term future in the lighting industry.
Derek Duffill, CEO commented, “Despite the slight disruption in our manufacturing and shipping schedules earlier in the year, we’re eager to continue to bring to market, and expedite the delivery of, our new Amphibian Xtreme Series and Pro Series HD Gen2 underwater lights. Customers can rest assured that their OceanLED products are the best and brightest in the industry, are protected by our 2-year warranty, and that we’ll continue to lead the industry we introduced back in 2004 for many years to come.”
For more information, visit OceanLED Marine.