ATLANTA, Nov 9, 2001 /PRNewswire via COMTEX/ -- National Service Industries,
Inc. (NYSE: NSI) today announced it has selected Acuity Brands, Inc. (NYSE: AYI)
as the name for its lighting equipment and chemicals spin-off company, which is
expected to separate from NSI at the end of November. Acuity Brands will be
listed on the New York Stock Exchange under the symbol "AYI" and is expected to
begin trading on a "when issued" basis on or about November 14, 2001. The
post-spin NSI will be comprised of its remaining textile rental and envelope
businesses.
The word "acuity" means keenness of vision and sharpness of thought. The word
"brands" is being used to showcase the strength of the products of the lighting
equipment and chemicals businesses, which will operate through subsidiaries to
be named Acuity Lighting Group and Acuity Specialty Products Group,
respectively. The name was selected by Acuity Brands' senior management team,
including top managers from both business units, from hundreds of potential
names created in partnership with ListerButler, a New York-based identity and
communications management firm.
James S. Balloun, NSI's current chairman and chief executive officer, will
become Acuity Brands' chairman and chief executive officer upon completion of
the spin-off. "The name Acuity Brands implies strong, focused leadership and a
culture that aspires to high performance," said Balloun. "When we explored the
idea of spinning off the lighting and chemicals businesses into a separately
traded entity, we did so in an effort to stimulate growth in value. Our
investors will have more visibility into our businesses, and the streamlined
organizations will enable our management to increase its focus on improving
performance and reducing debt. Our desire was to select a name that reflected
those goals, and Acuity Brands meets that requirement.
"Acuity Brands is here to make the world cleaner and brighter. Our specialty
products business is a leader in the market for cleaning systems and products.
Our lighting group has the leading position in the growing $8 billion lighting
fixture market. These two businesses provide a solid basis for growing value,
and the name Acuity Brands is just right for us," said Balloun.
Acuity Brands, with 2001 annual revenues of $2.0 billion, will employ over
10,000 people. Acuity Lighting Group consists of Lithonia, Holophane, and other
prominent lighting brands including Peerless, Hydrel, and Antique Street Lamps.
Acuity Specialty Products Group is comprised of specialty chemical brands
including Zep, Enforcer, and Selig.
Acuity Brands will be headquartered in Atlanta, Ga., and expects to relocate
within six months to the Proscenium, a multi-tenant office building located at
1170 Peachtree St., N.E., subject to finalization of a lease agreement.
Certain information contained in this press release constitutes forward- looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are inherently uncertain and involve
risks. Consequently, actual results may differ materially from those indicated
by the forward-laterially from the anticipated results or other expectations
expressed in the company's forward-looking statements. The risks and
uncertainties include without limitation the following: (a) underlying
assumptions or expectations related to the spin-off transaction proving to be
inaccurate or unrealized; (b) the timing of the Securities and Exchange
Commission's review of the company's registration statement on Form 10; (c) the
uncertainty of general business and economic conditions; and (d) unexpected
developments and outcomes in the company's legal and environmental proceedings.
National Service Industries, Inc., with fiscal year 2001 sales of $2.6 billion,
has four business segments -- lighting equipment, chemicals, textile rental, and
envelopes.
SOURCE National Service Industries, Inc.
CONTACT:
Chester J. Popkowski (Chet), Vice President and Treasurer of
National Service Industries, Inc., +1-404-853-1405
URL: http://www.nationalservice.com
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