GE selling century-old lighting unit to Savant Systems
Posted May 27, 2020 7:00 am
BOSTON (AP) - GE is selling its lighting unit to smart home company Savant Systems for an undisclosed amount.
General Electric Co. Chairman and CEO H. Lawrence Culp Jr. said in a statement Wednesday that the transaction is part of GE's ongoing process to be a more focused industrial company.
The deal includes a long-term licensing agreement for use of the GE brand.
GE Lighting has been around for almost 130 years. General Electric Co. was formed by merging the Edison Electric Co. and the Thomson Houston Co. on April 15, 1892, according to GE's website.
GE Lighting will remain headquartered in Cleveland, with its more than 700 employees transferring to Savant once the deal closes.
The transaction is expected to close in the middle of the year.
FILE- In this Jan. 16, 2018, file photo, the General Electric logo is displayed at the top of their Global Operations Center in the Banks development of downtown Cincinnati. GE is selling its lighting unit to smart home company Savant Systems for an undisclosed amount. GE Chairman and CEO H. Lawrence Culp, Jr. said in a statement Wednesday, May 27, 2020, that the transaction is part of GE's ongoing process to be a more focused industrial company. (AP Photo/John Minchillo, File)
The Associated Press