EAST CLEVELAND, Ohio--(BUSINESS WIRE)--GE Lighting announced 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. This strategic acquisition supports GE Lighting’s 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.
Lightech joins GE Lighting, a business that employs nearly 17,000 employees around the world, engaged in all aspects of lighting technology, research and development, engineering, manufacturing, sales and distribution.
“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,” says 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 – 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.
Lightech’s mission is to power the global lighting industry. The company invents, designs, manufactures and delivers power supplies for LED and low-voltage halogen lighting systems, sold globally, but primarily in Europe and North America. Lightech’s drivers, transformers and ballasts are among the most reliable, efficient and cost effective in the market. Led by veteran lighting experts, high-technology entrepreneurs, and cutting-edge electronics scientists, Lightech has nearly 20 years of experience as a provider of choice for lighting power supplies, with operations across the globe and satisfied customers on every continent.
About GE Appliances & Lighting
GE Appliances & Lighting spans the globe as an industry leader in major appliances, lighting, systems and services for commercial, industrial and residential use. Technology innovation and the company's ecomagination(SM) initiative enable GE Appliances & Lighting to aggressively bring to market products and solutions that help customers meet pressing environmental challenges. General Electric (NYSE: GE), imagination at work, sells products under the Monogram®, Profile™, GE®, Hotpoint®, Reveal® and Energy Smart® consumer brands, and Tetra®, Vio™ and Immersion® commercial brands. For more information, consumers may visit www.ge.com.