Savant Systems, a Massachusetts-based maker of professionally installed smart home systems, has struck a deal with General Electric to purchase the GE Lighting brand, the companies announced Wednesday. The venerable lighting manufacturer, which dates back to the invention of the incandescent light bulb well over 100 years ago, will remain headquartered at its Nela Park facilities in Cleveland. Its 700 employees will transfer to Savant upon the transaction’s completion, expected by mid-2020.
The sale is the latest development in GE’s multiyear restructuring effort. In 2016, the conglomerate sold off its appliances division GE sold its biopharma unit to Danaher, a medical technology company based in Washington, DC. That move rang in at $21 billion. No financials were disclosed for the GE Lighting sale, but the Wall Street Journal reports that it cost Savant “about $250 million.”for $5.6 billion. Last year,