(By Balaseshan) General Electric Co. (NYSE: GE) said its unit GE Lighting has agreed to buy Boulder, Colorado-based Albeo Technologies Inc., a privately-held LED fixture manufacturer established in 2004.
Through the acquisition, GE accelerates its ability to offer customers a more complete and integrated LED solution. Albeo Technologies' products are available through existing distribution channels and now through GE's global distribution network.
"The addition of Albeo Technologies' immensely talented team and its award-winning LED fixture portfolio enhances GE Lighting's ability to serve as a trusted advisor to enterprise customers around the world," says Maryrose Sylvester, president and CEO, GE Lighting.
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The company said the acquisition is a big boost for GE customers moving aggressively toward an all-LED building envelope in new construction and retrofits, including retail, commercial and industrial high-bay applications.
Albeo Technologies' LED systems—high-bay, low-bay, linear, surface mount and under cabinet fixtures—are at work in commercial, warehouse, industrial, cold storage, office, data center, food processing, parking garage, school, sporting and correctional settings.
Albeo's solutions have helped to illuminate a range of "all-LED" facilities, including one of the world's 10 largest data centers. Albeo Technologies' products have been recognized with 16 independently judged awards, including 6 from the U.S. Department of Energy.
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GE is trading down 0.19% at $21 on Monday. The stock has been trading between $14.68 and $23.18 for the past 52 weeks.