GE Completes Sale of GE Lighting
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Creates smart home and lighting industry leader in the professional installation and retailer channels
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Furthers Savant's mission to become the premier intelligent lighting company
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New name will be GE Lighting, a Savant company
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Includes long-term license of GE brand
BOSTON -- GE (NYSE:GE) announced today that it has completed the sale of its Lighting business to Savant Systems, Inc., creating GE Lighting, a Savant company. Financial details were not disclosed.
Bill Lacey, president and CEO of GE Lighting, a Savant company, said, "For more than a century we've been bringing the future to light as part of GE and today we couldn't be more excited to continue our journey as part of Savant. Savant is committed to continued investment and innovation in the lamp and fixture space and their deep knowledge and expertise in home automation will help our business accelerate delivery of bold smart home innovation at retail."
The headquarters for GE Lighting, a Savant company, will remain at historic NELA Park in East Cleveland, Ohio and Bill Lacey will continue in his current capacity. Under a long-term licensing agreement, GE Lighting, a Savant company will continue using the GE brand on its products moving forward.
Robert Madonna, Chairman of Savant and GE Lighting, a Savant company, said, "We are committed to ensuring that Lighting's long history of industry leadership continues, while bringing exceptional value and reliability to retail partners and consumers. This acquisition has moved our company significantly toward our goal of becoming the number one intelligent lighting and smart home company worldwide."
The Savant brand remains steadfastly committed to the professional installation channel for the home, and it will continue to invest heavily in the development of the most advanced products, solutions and services for this market.
About GE
GE (NYSE:GE) rises to the challenge of building a world that works. For more than 125 years, GE has invented the future of industry, and today the company's dedicated team, leading technology, and global reach and capabilities help the world work more efficiently, reliably, and safely. GE's people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE's mission and deliver for its customers. www.ge.com
About GE Lighting, a Savant company
At GE Lighting, a Savant company we're not just reinventing the light bulb. We're reinventing the productivity, wellness and security that comes with it. We're extending beyond the bulb to access new markets; we're scaling smart and we're leading in a world where lighting drives value at home from the socket to the switch to the smart phone and the cloud in between. Our innovators think bigger and bolder to transform spaces no one else has and drive outcomes and opportunities that are robust, yet still as simple as screwing in a light bulb. www.gelighting.com
About Savant
Savant Systems, Inc., a Massachusetts-based company, is a recognized leader in home control and automation, and one of the fastest-growing smart home companies in the luxury and mid-markets. Savant's powerful Pro technology brings together all of the vital pillars of the connected home - climate, lighting, entertainment, security and energy - together in a single application interface for the homeowner. This comprehensive whole-home control system, available through iOS and Android, delivers the premiere experience in all of home automation and is available through Magnolia Design Centers and Savant's global network of Authorized Integrators. Learn more at www.savant.com.
GE Lighting, a Savant company
Media Contact
Ben Sabol, 216.233.9062
ben.sabol@ge.com
Savant Media Contact
Micah Sheveloff, 727.258.4770
wirc1@wircmedia.com
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