NSI Names Spin-Off Acuity Brands

National Service Industries, Inc. today announced it has selected Acuity Brands, Inc. 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 or about Nov. 14. The post-spin NSI will be comprised of its remaining textile rental and envelope businesses.

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 Mr. 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 Mr. Balloun.

Acuity Brands, with 2001 annual revenues of $2.0 billion, will employ over 10,000 people. Acuity Specialty Products Group is comprised of specialty chemical brands including Zep, Enforcer, and Selig. Acuity Lighting Group consists of Lithonia, Holophane, and other prominent lighting brands including Peerless, Hydrel, and Antique Street Lamps.

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.