Savant Systems Inc., Hyannis, MA, a player in the professional smart home market, signed a definitive agreement to purchase GE Lighting, Nela Park, OH, a division of GE, that focuses on home lighting and smart home solutions. Financial details of the transaction were not disclosed.
GE previously exited the commercial and industrial lighting business with the sale of its Current Powered by GE lighting unit to American Industrial Partners (AIP) in Nov. 2018.
Savant Founder and CEO Robert Madonna said in the press release, “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.”
GE Chairman and CEO H. Lawrence Culp, Jr., said in the press release, “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 has had a long and proud history for nearly 130 years, and a visit to its “college of lighting” at the company’s Nela Park headquarters and training facility has been on the bucket list for many lighting professionals. GE Lighting will remain headquartered there, and its 700-plus employees will transfer to Savant upon completion of the transaction.
The proposed transaction is intended to bring together GE Lighting’s legacy and expertise with Savant’s smart home solutions and culture of innovation, creating a union of well-known brands in the lighting and connected home technology markets.
Savant’s product portfolio covers lighting, security, climate and whole-house entertainment applications and includes smart speakers, energy management and other smart home products. In its press release announcing the acquisition, the company said, “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.”
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.