Savant Systems acquires GE Lighting
Savant Systems has acquired GE Lighting, combining its smart home technology with GE’s lighting expertise and retail channels.
GE Lighting has been in the industry for nearly 130 years and witnessed the dawn of incandescent bulbs to the industry-first LED and smart solutions along with the world’s first voice-embedded lighting product. Its headquarters will remain in Cleveland, Ohio while its 700-plus employees will transfer to Savant.
Financial details of the transaction were not disclosed.Savant founder and chief executive Robert Madonna says that the acquisition helps further its goal of creating the number one smart home brand in the world.
“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,” he says.
“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 chief executive Henry Lawrence Culp, Jr. says that the transaction is another step towards transforming 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,” he explains.
“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.