High-end smart home brand Savant acquires GE Lighting

Savant Systems, a Massachusetts-based manufacturer of professionally installed smart home systems, has signed a contract with General Electric to purchase the GE Lighting brand. The companies announced Wednesday. The venerable luminaire manufacturer, which goes back to the invention of the light bulb well over 100 years ago, will continue to be based in its factory in Nela Park in Cleveland. The 700 employees will switch to Savant after the transaction, which is expected by mid-2020.

The sale is the latest development in GE’s multi-year restructuring effort. In 2016, the conglomerate sold its equipment division to the Chinese manufacturer Haier for $ 5.6 billion. Last year, GE sold its biopharmaceutical unit to Danaher, a medical technology company based in Washington, DC. This move was $ 21 billion. However, no financial information has been disclosed for the sale of GE Lighting the Wall Street Journal reports that it cost Savant “about $ 250 million”.

“Today’s transaction is another important step in transforming GE into a more focused industrial company,” said Lawrence Culp, Jr., GE Chairman and CEO. “Our colleagues from GE Lighting will join a rapidly growing home automation leader who shares their passion for GE. Bringing the future to light. Together with Savant, GE Lighting will continue its innovative legacy as we at GE deliver the infrastructure technologies we need Companies are of central importance, develop further and will fall back on the roots of our founder Thomas Edison. “

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ScholarThe company, which sells smart home systems focused on security, entertainment, convenience, and lighting through a network of retailers and professional installers, says the acquisition, which includes a long-term license agreement for the GE Lighting brand, extends the reach of both companies will expand.

“Savant’s mission has been to create the world’s leading smart home brand from the start, and I am confident that the GE Lighting acquisition has led us significantly to this ultimate goal,” said company founder and CEO Robert Madonna. “We are committed to continuing GE Lighting’s longstanding industry leadership, and we offer retail partners and consumers, as the world’s leading intelligent lighting company, exceptional value and reliability.”

The latest GE Lighting products include an expanded product range from Smart bulbs and smart switches for the C by GE linethat were all designed in partnership with Google to ensure seamless voice control via Google Assistant.