Less than 6 months after it acquired NOON Lighting System in January (NOON was a popular DIY smart control lighting system, see article in enLIGHTenment http://bit.ly/NoonSav), Boston-based Savant Systems, Inc. is making news again with its announcement that it has signed a definitive agreement to purchase GE Lighting, a division of GE. Financial details of the transaction were not disclosed.
Already a leader in the smart home category, Savant Systems’ goal in the acquisition is to further its mission “to become the premier company in intelligent lighting solutions.” Savant will continue to use the GE brand and leverage the strong brand recognition in its distribution channels.
Savant Founder & CEO Robert Madonna states, “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.”
Adds GE Chairman & CEO H. Lawrence Culp, Jr., “Today’s 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.”
GE Lighting will remain headquartered in Cleveland, 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. The transaction is subject to customary closing conditions and is expected to close mid-2020.
