EAST CLEVELAND, Ohio-based GE Lighting has signed an agreement to purchase 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 and halogen transformers to the lighting industry. The 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,” 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 adds, “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 high-technology companies over his career, states, “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.