GE invests $100 million to grow LED business

US-based General Electric Company, through its Consumer & Industrial business and Nichia, has formed a strategic alliance to support Gelcore, Cleveland, Ohio. Gelcore, formed in 1999, was previously a joint venture between GE and Emcore, Somerset, NJ. GE purchased Emcore's 49% interest in the joint venture for $100 million, demonstrating a commitment to invest in LED technology. The agreement combines GELcore's LED system strengths in the transportation, signage, specialty and general illumination segments with Nichia's extensive phosphor and optoelectronics products, such as LEDs. Both companies expect to benefit from each other's expertise and penetrate the high-growth LED general illumination segment. "This agreement is a true win-win outcome for both parties and clearly demonstrates GE's commitment to solid state lighting technology. GE and Nichia's combined excellence creates a pre-eminent 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. "This is a historic agreement when you consider that GE, a world leader in traditional lighting technology and LED systems and Nichia, a world leader in phosphor and optoelectronics technology are joining forces to advance LED technology and accelerate the penetration of LEDs into the general lighting industry," said Noboru Tazaki, Executive VP & COO of Nichia.