Savant Systems to Acquire GE's Home Lighting Unit to Blend it Into Smart Home Biz

摘要

Savant Systems Inc., Hyannis, MA, a player in the professional smart home market, signed a definitive agreement to purchase GE Lighting, Nela Park, OH, a division of GE, that focuses on home lighting and smart home solutions. Financial details of the transaction were not disclosed. GE previously exited the commercial and industrial lighting business with the sale of its Current Powered by GE lighting unit to American Industrial Partners (AIP) in Nov. 2018. Savant Founder and CEO Robert Madonna said in the press release, "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. 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. Never before has connectivity, security, intelligent lighting and entertainment, all enjoyed within the comforts of home, been more top of mind with consumers." GE Chairman and CEO H. Lawrence Culp, Jr., said in the press release that the transaction "is another important step in the transformation of GE into a more focused industrial company. 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."