Lighting Science Group, West Warwick, RI, which is best known for its product lines emphasizing the connection between lighting and human health and well-being, said today that it has agreed to a joint venture with Chinese LED lighting giant MLS Co. Ltd. to set up a new company making private-label LED lighting products for retailers.
The joint venture will operate under the name Global Value Lighting and will be based in Rhode Island, said a Lighting Science press release. Global Value Lighting will capitalize on Lighting Science’s extensive technology and intellectual property, including the company’s nearly 400 LED lighting technology patents, and MLS’s high-volume cost structure and scale.
Global Value Lighting will combine the retail relationships, channel partnerships and strong customer base that Lighting Science has developed in North America over the past 15 years, with MLS’s best-in-class manufacturing, processes and cost-efficiencies. Under the terms of the agreement, Lighting Science will own 51% of the joint venture, with MLS owning the remaining 49%.
“The joint venture with MLS will deliver to our retail partners the best value LEDs, while still providing the same or better quality and innovative solutions as high-priced, name-brand manufacturers,” said Lighting Science Chief Executive Officer Ed Bednarcik. “Ultimately, this will help our retail partners drive sales, margins and customer satisfaction through their private label brands.”
Lighting Science’s existing private-label product lines include the company’s patented LED filament offerings and its shatter-resistant Durabulb.