GE Sells Lighting Business After Over 120 Years

As the company is transforming into an industrial company, after over 120 years in the lighting business, General Electric will be selling the said area of business to a smart home management company called Savant Systems. Sources state in The Wall Street Journal that the transaction was valued at around $250 million.

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Savant specializes in full smart home systems for the luxury market. Acquiring a lighting business directly will allow it to take advantage of vertical integration and take more control over the physical equipment it installs in consumer’ homes. Savant will keep the business’s operations in Cleveland, where it is currently based, and will receive a long-term license to keep using the GE branding for its products.

The lighting business is GE’s oldest segment, dating all the way back to the company’s founding through a series of mergers with Thomas Edison’s companies in the late 1880s and early 1890s.

Despite having spun off the last of Edison’s original business, H. Lawrence Culp, the current CEO of the company, states that they will draw on the roots of their founder.

More details about this news over at Ars Technica.

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(Image Credit: General Electric Company/ Wikimedia Commons)

Source: neatorama

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