Lighting Science Plans Expansion With China-Based Joint Venture Partner In West Warwick, Rhode Island
According to company officials, the joint venture will operate under the name Global Value Lighting and will be based in Rhode Island. Global Value Lighting will capitalize on Lighting Science’s extensive technology and intellectual property, including the company’s nearly 400 LED lighting technology patents, and MLS’s cost-structure and scale as a global LED lighting company.
The agreement with Lighting Science is the latest in a series of recent expansion moves by MLS, company officials said. “Global Value Lighting is a crucial part of our strategy to expand our private label retail presence in North America and South America,” said Lawrence Lin, General Manager of MLS, he continued “we believe these markets to be very attractive for rapid growth given our cost, technological, and operational advantages.”
Global Value Lighting will combine the retail relationships, channel partnerships and strong customer base that Lighting Science has developed in North America over the past 15 years, with MLS’s best-in-class manufacturing, processes and cost-efficiencies. Under the terms of the agreement, Lighting Science will own 51% of the joint venture, with MLS owning the remaining 49%.
“The joint venture with MLS will deliver to our retail partners the best value LEDs, while still providing the same or better quality and innovative solutions as high-priced, name-brand manufacturers,” said Lighting Science Chief Executive Officer Ed Bednarcik. “Ultimately, this will help our retail partners drive sales, margins and customer satisfaction through their private label brands.”
“We are looking forward to working together with Lighting Science to offer LED lighting products at an outstanding value for our retail partners and their customers,” said Sun Quinghuan, Chairman of MLS. “Our two great companies perfectly complement one-another and we are excited for a long, profitable partnership.”
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