GE Acquires Israeli Company Specializing in LED Technology
Four years ago General Electric employed the cartoon character of Mister Magoo to advertise the company's light bulbs. It is plain to see that the best bulbs are GE and opines the nearsighted comical character. In today's environmentally conscious world incandescent bulbs are in disfavor and in some countries almost illegal.
GE Appliances & Lighting, a unit of General Electric Co. has therefore announced an agreement to acquire Lightech, a privately held, advanced lighting company based in Israel. The company employs 17,000 people worldwide and its main markets are the United States and Europe.
The company's forte is the highly efficient and long-lasting LED lights together with the power supplies and transformers that go with them.
GE Lighting in its announcement said the acquisition accelerates development of more optimized, energy-efficient LED systems. The announcement also noted that GE was not only happy to acquire Lightech's line of products but that company's impressive engineering base as well.