Nordic Lights plans to grow both organically and through acquisitions
In the summer of 2022, Nordic Lights reached an important milestone when the company was listed on the Nasdaq First North Growth Market Finland.
“Being a publicly listed company is the best ownership model for us at this stage, as we plan for further growth”, says CEO Tom Nordström, who is satisfied with the outcome of the IPO. Nordic Lights plans for an organic growth of over 10 percent annually. In addition, the company is also prepared to make acquisitions.
These goals may sound ambitious, but Nordic Lights has an impressive track record of growth, as the company has managed to more than double its turnover during the last five years. This is mostly due to the fact that Nordic Lights was a pioneer in energy efficient LED technology at an early stage. Future growth is planned to come from extending the offering from work lights to other types of lights for heavy-duty vehicles.
“Traditionally, we have been strong in work lights. However, we are now planning to increase our market shares in driving lights and signal lights”, Nordström explains.
Nordic Lights could be described as a truly global company. Although Europe is still its most important market, North America and Asia Pacific each account for around a quarter of exports. In addition, the company has a presence in South America.
The main customer segments are mining, construction, agriculture, material handling, and forestry. Product design, testing and the majority of production take place in Finland. Nordic Lights also has a factory in China, mainly serving the APAC market, where around 25 percent of the products are manufactured.
In recent times, ESG issues have become increasingly important for Nordic Lights.
“Good lighting is a prerequisite for heavy-duty equipment to operate safely. We have always invested in energy efficient lighting solutions, and the importance of energy efficiency has further increased when electric vehicles become more common.”