Acuity Brands to buy lighting company

Acuity Brands said Wednesday its lighting subsidiary has agreed to acquire Sensor Switch, a maker of lighting controls and management systems, for $205 million in cash and stock.

The company expects to close on the deal in about 30 days, pending regulatory approval. It will use some of its available cash and draw on its credit line to complete the transaction.

The acquisition of Sensor Switch, based in Wallingford, Conn., is part of Atlanta-based Acuity’s strategy to be able to offer not only fixtures to commercial, industrial and residential customers, but be the go-to company for controls and energy consumption management.

Acuity, like many companies, is looking for ways to bolster profitability amid the global economic downturn.

In the quarter ended Nov. 30, Acuity reported a profit of $19.4 million, or 48 cents per share, down 38 percent from the comparable quarter in 2007.