|GE Lighting (NYSE:GE), a lighting manufacturer based in East Cleveland, OH, has signed an agreement to acquire Lightech, a privately-held manufacturer of LED electronic drivers and halogen transformers for the lighting industry. |
Based near Tel Aviv, Israel, Lightech has R&D facilities in California and Israel, and commercial teams in Europe, the US and Asia.
Terms of the transaction were not disclosed. The transaction is expected to close within the next six to eight weeks.
One deal that did not close as expected was the failed merger between Lightech and Carmanah Technologies Corporation (TSX: CMH), a provider of solar LED lighting and power systems for industrial applications, which terminated in November 2010. Lightech sued over the failed merger, claiming $6 million in damages.
GE Lighting expansion
GE says that the acquisition of Lightech will accelerate the lighting company’s capability to provide integrated lighting and power-supply solutions. “We are thrilled to be teaming with one of the world’s technology leaders in LED drivers,” says GE Lighting president and 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.”
Lightech’s CEO Zvi Schreiber, 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.”