GE Lighting has taken over LED driver manufacturer Lightech for approximately $20 million. Lightech is a family firm which is involved in legal proceedings subsequent to its failure of being acquired by Carman Technologies, a Canada-based company.
Lightech designs and manufactures components used in energy supply management to lighting units with the aim of saving energy. The company designs transformers and drivers to be used in halogen and LED lighting, that is produced in China. The Chairman of Lightech, David Schreiber has been managing the company since 1996 with his son Zvi Schreiber.
During the first half of 2010, on $10.6 million revenue, Lightech made a profit of $800,000 and the revenue for the whole year was approximately $20 million. Zvi Schreiber had founded Tradeum, which was sold in 2000 for $500 million He is also the founder of Unicorn Solutions which IBM acquired in 2000 for $10 million and an Israeli-Palestinian software company called G.ho.st which eventually shut down operations after having raised $4.1 million from investors.
The Chief Executive Officer of Lightech, Zvi Schreiber stated that the team at Lightech is pleased to combine its forces with the innovative and highly regarded lighting company. The history and vision of GE Lighting will help in boosting the business of Lightech.