The 70 employees of Trans-Lite will be retained by the new company, and the sellers, members of the founding family, also will remain with the company, Teknoware Oy said.
"The transaction will support well Teknoware's strategy of expanding to new regions and growing its global product portfolio. Trans-Lite will give us a significant position on the North American market as well as new product families, such as exterior lighting systems and destination signs of trains for our other markets. Our intention is to continue developing and growing the company further and expanding the markets", said. Teknoware Oy Managing Director Kai Kauto in a statement.
Tecknoware, Inc., the former Trans-Lite, Inc., is based in Milford, Conn.