GE selling century-old lighting unit to Savant Systems

U.S. & World
GE Light Bulbs

FILE – In this Aug. 16, 2019, file photo the logo for General Electric appears above a trading post on the floor of the New York Stock Exchange. 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/Richard Drew, File)

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.

Grab the FREE WDTN News App from the Apple Store or Google play. Stay up to date with all the local news, weather and sports as well as live newscasts and events as they happen.

news-app-download-apple news-app-download-google-play

Follow Us on Facebook, Twitter and Instagram for all the latest news, weather and sports.

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

2019 TRICK OR TREAT TIMES

Latest Video on WDTN.com

Don't Miss

Interactive Radar

More As Seen on 2 NEWS