GE invests $100 million to grow LED lighting business; forms strategic alliance
The General Electric Company, through its Consumer & Industrial business, and the Nichia Corporation announced recently a strategic alliance agreement to support Cleveland-based GELcore, LLC. GELcore, formed in 1999, was previously a joint venture between GE and the Emcore Corporation of Somerset, NJ. GE purchased Emcore’s 49 percent interest in the joint venture for $100 million, demonstrating its ongoing commitment to invest in LED technology and the future of lighting.
The alliance combines GELcore’s LED system strengths in the transportation, signage, specialty illumination and general illumination segments with Nichia’s phosphor and optoelectronics products, such as LEDs.
“This agreement is a true win-win outcome for both parties and clearly demonstrates GE’s commitment to solid state lighting technology. GE’s and Nichia’s combined excellence creates a preeminent alliance that is ideally suited to support GELcore’s efforts to accelerate the growth and penetration of LED-based lighting solutions in the $12 billion global lighting segment,” said Michael B. Petras, Jr., vice president, electrical distribution & lighting.