BOSTON — Savant Systems, Inc., an industry leader in the professional smart home space has announced today that it has signed a definitive agreement to purchase GE Lighting, a division of GE (NYSE: GE). Financial details of the transaction were not disclosed.
Mary Whitlock, national media contact for Savant, said there are no plans in place for layoffs or reductions in staff at the individual production locations.
Ben Sabol, media contact for GE Lighting, said excitement is buzzing around the new partnership. He said GE Lighting is working on a Smart Home Ecosystem project and it works hand-in-hand with Savant, which he called an industry leader in home automation.
“If you go onto a yacht or a million dollar mansion, it’s most likely the screens, hardware and remotes are Savant products,” Sabol said.
Sabol said Savant leadership has expressed its excitement to acquire a well-established product, and GE leadership feels it found the best partner to sell the lighting division to.
He said the GE Lighting lamp plant in Bucyrus, which produces A19 light bulbs, is a staple in the company and will continue to be so after the sale closes.
“No other plant of any company in the U.S. builds those light bulbs,” Sabol said. “It is a huge piece of the market and it’s needed. We are not leaving the lamp space.”
He said the Bucyrus plant’s first-shift employees were informed of the sale during a meeting Wednesday morning.
The following is a continuation of a statement released by Savant Systems, Inc.:
Savant Founder and CEO Robert Madonna said, “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, “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.”
For nearly 130 years, GE Lighting has been at the forefront of every major lighting innovation, from the dawn of incandescent bulbs to industry-first LED and smart solutions along with the world’s first voice-embedded lighting product. Today, GE Lighting’s portfolio includes leading home lighting and innovative smart home solutions. GE Lighting will remain headquartered in Cleveland, Ohio, and its more than 700 employees will transfer to Savant upon completion of the transaction.
The proposed transaction will bring together this legacy and expertise with Savant’s best-in-class smart home solutions and renowned culture of innovation, creating a union of trusted and recognizable premium brands in the lighting and connected home technology markets.
Savant, with award-winning products and solutions that span lighting, security, climate, whole-house entertainment including smart speakers, energy management and beyond, is one of the fastest-growing smart home companies and is committed to supporting innovation in the lamp space, helping retailers grow point of sale year over year. While the acquisition of GE Lighting will broaden the market reach of both companies, 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.