Ballantyne Strong (BTN) Enters Agreement to Sell Lighting Business Assets
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Ballantyne Strong, Inc. (NYSE: BTN) announced the sale of the assets of its lighting business to Syncrolite, LLC.
Kyle Cerminara, Chairman and Chief Executive Officer of Ballantyne Strong, Inc. commented, “This transaction is a natural next step for Ballantyne Strong as our new leadership sharpens our focus on businesses that are core to our new strategy. In the last few months, the newly elected Board of Directors has streamlined our operating businesses into two distinct divisions, (1) Cinema, led by President Ray Boegner and (2) Digital Media, led by President Steve Schilling. We are excited about the strong foundation we have in these two core businesses and we look forward to continuing the operational improvements we have made in the last few months. Our core businesses are now generating significant cash flows and we are evaluating acquisition and investment opportunities in numerous businesses that we believe will result in the highest return on invested capital for our shareholders. We could not be more excited about the future of Ballantyne Strong and its new strategy.”
Jerry Trojan, Chief Executive Officer, Syncrolite, commented, “The Strong name is familiar to everyone in the entertainment lighting industry and Syncrolite is proud to be in a position to carry that tradition forward and take Strong Lighting products to the next level. Our deep knowledge of Xenon lighting systems and our commitment to customer service makes this move a win-win for Syncrolite and all past and future Strong Lighting customers.”
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