New owner for GE Lighting
Smart-home player Savant will take over an historic portfolio.
GE founder Thomas Edison invented the light bulb in 1879. This week, GE is selling its GE Lighting division to Savant Systems, a Boston-based company that specializes in the home automation market.
The deal, financial terms of which were not disclosed, is part of GE’s plan to move toward a more focused industrial company, according to CEO Lawrence Culp.
GE Lighting’s portfolio includes home lighting and innovative smart home solutions. GE Lighting will remain headquartered in Cleveland, Ohio, and its more than 700 employees will transfer to Savant upon completion of the transaction.
The proposed transaction includes a long-term licensing agreement for use of the GE brand
Savant Founder and CEO Robert Madonna said, “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.”
Savant, solutions span lighting, security, climate, whole-house entertainment including smart speakers, energy management and more.
The transaction is subject to customary closing conditions and is expected to close mid-2020.
The deal, financial terms of which were not disclosed, is part of GE’s plan to move toward a more focused industrial company, according to CEO Lawrence Culp.
GE Lighting’s portfolio includes home lighting and innovative smart home solutions. GE Lighting will remain headquartered in Cleveland, Ohio, and its more than 700 employees will transfer to Savant upon completion of the transaction.The proposed transaction includes a long-term licensing agreement for use of the GE brand
Savant Founder and CEO Robert Madonna said, “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.”
Savant, solutions span lighting, security, climate, whole-house entertainment including smart speakers, energy management and more.
The transaction is subject to customary closing conditions and is expected to close mid-2020.
