VELUX Commercial, a new division under the VELUX brand will be created to focus on the specific needs of this skylight segment. The division will employ more than 1,000 people from the merger of JET-Group with our VELUX Modular Skylights, which also includes U.S.-based Wasco Products Inc., acquired by the VELUX Group in April.
The acquisition of JET-Group is subject to approval by competition authorities in Germany and Austria, which is expected to take four to six weeks. Following approval, VMS and the JET-Group will initially run as separate operations. When integration of the two companies is complete, the new combined commercial division will have two operating areas: one focusing on the architectural glazing market and another focusing on the industrial flat roof market.