Leatherman Tool Group, Inc. is getting into the lighting business after inking a definitive agreement to acquire a majority interest Zweibrûder Optoelectronics GmbH & Co. KB, a manufacturer of LED Lenser flashlights.
Rainer and Harald Opolka, the brothers that founded the Solingen, Germany-based company, will remain with Leatherman as minority shareholders in the lighting company subsidiary. Closing is expected about 70 days after signing.
Terms of the transaction were not disclosed.
Rakesh Sridharan, formerly VP of operations at Leatherman, has been appointed president of LED Lenser and will be a managing director of Zweibrûder Optoelectronics. Sven Objartel, already head of operations in Germany, will become a managing director of the company. The current German management team will remain in place and Rainer Opolka will stay active in the business, primarily in product development and marketing.
Product development and manufacturing of Leatherman-branded products will remain in Portland, OR and LED Lenser will continue to operate their existing German design and Asian manufacturing facilities and sell their products under the LED Lenser brand.
