GE Lighting Acquires Lightech
GE Lighting announced that it has signed an agreement to acquire Lightech, a privately held, advanced lighting technology leader based near Tel Aviv, Israel, with commercial teams in Europe, the U.S. and Asia. Lightech specializes in providing LED electronic drivers, plus halogen transformers, to the lighting industry. GE states that this strategic acquisition supports its vision of leading the lighting revolution underway as the global lighting industry undergoes a profound transformation from older technology to new energy-efficient light sources, including LED lighting.
Purchase price was not disclosed.
"We are thrilled to be teaming with one of the world’s technology leaders in LED drivers – a key intelligent power supply technology for LED lighting systems," said GE Lighting President & CEO Maryrose Sylvester. "Lightech’s reputation for high quality, innovative designs and skilled engineering complements and expands GE Lighting’s strong team of engineers and scientists around the world."
Sylvester continued, "For our customers, this acquisition means we will deliver a more optimized, energy-efficient LED lighting system – faster. Combining GE’s power electronics design capability with Lightech’s breadth of high-efficiency power supplies and controllability, positions GE to respond to the market with complete systems and higher performance drivers and controls. We are excited about the opportunities â€“ for GE and for our customers."
Lightech’s CEO Zvi Schreiber, an entrepreneur who has founded several successful high-technology companies over his career, said, "GE Lighting is an innovative and well-respected business in the global lighting industry, tracing its roots back to Thomas Edison. Lightech’s team is fortunate to be joining forces with a lighting business with such history and depth and whose vision is to grow our business and lead the lighting revolution in this period of great transformation in our industry."
The transaction, which is subject to customary regulatory reviews and approvals, is expected to close within the next six to eight weeks.
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