Courtesy Savant Systems
This article first appeared in Architectural Lighting.
The following is a press release from Boston-based home automation company Savant Systems announcing the acquisition of GE Lighting.
Savant Systems, Inc., an industry leader in professional smart homes, announced today that it has signed a definitive agreement to purchase GE Lighting, a division of GE (NYSE: GE). Financial details of the transaction were not disclosed.
Courtesy Savant Systems
Robert Madonna, Savant Founder and CEO, said, “Savant’s mission from the beginning has been to create the world’s leading smart home brand and I am confident that the acquisition of GE Lighting has led us significantly to that end goal. We are committed to continuing GE Lighting’s longstanding leadership in the industry and providing exceptional value and reliability to retail partners and consumers as the global leader in intelligent lighting. Never before have connectivity, security, smart lighting and entertainment, all enjoyed in the comfort of your home, been as important to consumers as they are today. ”
GE Chairman and CEO H. Lawrence Culp, Jr. said, “Today’s transaction is another important step in GE’s transformation into a more focused industrial company. Our colleagues at GE Lighting will join a rapidly growing leader in home automation who shares a passion for bringing the future to light. Together with Savant, GE Lighting will continue its legacy of innovation, while at GE we will continue to develop the infrastructure technologies that are central to our business, drawing on the roots of our founder, Thomas Edison. ”
For nearly 130 years, GE Lighting has been a leader in all major lighting innovations, from the dawn of incandescent lamps to the industry’s first LED and intelligent solutions to the world’s first voice-based lighting product. Today, the GE Lighting portfolio includes leading lighting solutions for private households and innovative smart home solutions. GE Lighting will continue to be headquartered in Cleveland, Ohio and its 700+ employees will join Savant upon completion of the transaction.
The proposed transaction will combine that heritage and expertise with Savant’s world-class smart home solutions and renowned culture of innovation, creating an amalgamation of trusted and recognizable premium brands in the lighting and connected home technology markets.
One of the fastest growing smart home companies, Savant is one of the fastest growing smart home companies with award winning products and solutions that span lighting, security, climate, entertainment throughout the home including smart speakers, energy management and more, and is committed to supporting innovation in the lamp room that helps Retailers to enlarge their outlets year after year. While the acquisition of GE Lighting will expand the market reach of both companies, the Savant brand remains loyal to the professional home installation channel and will continue to invest heavily in developing the most advanced products, solutions and services for this market.
The proposed transaction includes a long-term license agreement to use the GE brand. The transaction is subject to customary closing conditions and is expected to close in mid-2020.
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