Savant Systems has signed a definitive agreement to purchase GE Lighting, a division of GE. Financial details of the transaction were not disclosed.
GE Lighting has been a key player in major lighting innovations for almost 130 years, from the birth of incandescent bulbs to LED and smart solutions as well as the world’s first voice-embedded lighting product and other smart home solutions.
The purchase of the company allows this legacy and expertise to join with Savant’s smart home solutions and renowned culture of innovation, creating a union of trusted and recognisable premium brands in the lighting and connected technology markets.
GE Lighting will remain headquartered in Cleveland, Ohio, and its employees of more than 700 will transfer to Savant upon completion of the transaction.
While the acquisition of GE Lighting will broaden the market reach of both companies, the Savant brand remains steadfastly committed to the professional installation channel for the home and it will continue to heavily invest in the development of products, solutions and services for this market.
“Savant’s mission from the start has been to create the number one smart home brand in the world, and I am confident that the acquisition of GE Lighting has moved us significantly toward that ultimate goal,” said Robert Madonna, Savant’s founder and CEO. “We are committed to ensuring that GE Lighting’s long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers as the number one intelligent lighting company worldwide.”
“Today’s transaction is another important step in the transformation of GE into a more focused industrial company,” commented GE chairman and CEO, H. Lawrence Culp, Jr. “Our GE Lighting colleagues will join a fast-growing leader in home automation that shares their passion for bringing the future to light.
“Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance the infrastructure technologies that are core to our company and draw on the roots of our founder, Thomas Edison.”
The proposed transaction includes a long-term licensing agreement for use of the GE brand. The transaction is subject to customary closing conditions and is expected to close mid-2020.