As a pioneer in the global lighting industry, GE Lighting was once listed as “the world’s three major lighting giants” together with Philips and Osram. For more than a century, its lighting business has been committed to maintaining good lighting for American families.
However, the current GE is no longer the one in the past-the era of founder Thomas Edison’s impact on business operations is gone.
On May 27, General Electric (GE) announced that it has signed a definitive agreement to sell its lighting business (consumer-centric home lighting business) to Savant Systems, Inc., an industry leader in the professional smart home sector. The financial details were not disclosed.
This move marks the end of an era, GE will bid farewell to the lighting business with nearly 130 years of history.
It is reported that Savant Systems was founded in 2005 and is located in Massachusetts, USA; Savant has award-winning products and solutions covering lighting, safety, climate, whole-house entertainment including smart speakers, energy management, etc. It is one of the fastest-growing smart home companies, and is committed to supporting innovation in the field of lamps and lanterns to help retailers improve sales performance year by year.
GE Chairman and Chief Executive Officer H. Lawrence Culp, Jr. said, “Today ’s transaction is another important step in GE ’s transformation into a more focused industrial company. Our GE lighting colleagues will join a fast-growing home automation In the ranks of the leaders in the field, share their passion and let the future go bright. GE Lighting will inherit its innovative heritage together with Savant. GE will continue to develop our company ’s core infrastructure technology and build our founders The foundation of Thomas Edison. ”
Robert Madonna, founder and CEO of Savant, said: “From the beginning, Savant’s mission was to build the world’s number one smart home brand. I firmly believe that the acquisition of GE Lighting will greatly push us toward this ultimate goal. We are committed to Ensure that GE Lighting ’s long-standing industry leadership continues, and at the same time bring outstanding value and reliability to retail partners and consumers, making it the world ’s number one smart lighting company. Unprecedented connectivity, security, Intelligent lighting and entertainment functions, which can be enjoyed in a comfortable environment at home, are the focus of consumers. ”
The press release shows that GE Lighting’s headquarters will still be located in Cleveland, Ohio, and after the transaction, more than 700 of its employees will be transferred to Savant.
The final agreement on this transaction was signed yesterday. Both parties will sign a long-term license agreement to use the GE brand. The transaction is expected to be completed by the middle of this year. It is worth noting that the specific financial details of the transaction were not disclosed. But the Wall Street Journal reported that the transaction was valued at approximately US $ 250 million (equivalent to nearly 1.8 billion yuan).
Public information shows that GE’s history can be traced back to Thomas Edison, who founded the Edison Electric Lamp Company in 1878. In 1892, Edison Electric Company and Thomson-Houston Electric Company merged to form GE, headquartered in Boston, USA.