PRLog - March 5, 2014 - BRIARCLIFF MANOR, N.Y. -- ST. PAUL, Minn.–(BUSINESS WIRE)–Mar. 3, 2014– 3M has invested in MSi Lighting of Boca Raton, Florida, a company that 3M has been working with for the past year on a line of LED lights for multiple applications. Terms of the transaction were not disclosed.
MSi Lighting LED lamp
LED lighting is one of the hottest industries in America. “3M’s Light Management platform enables the company to manipulate light in different ways, and we are committed to developing high-quality LED lights,” said Gabi Sabongi, Vice President, 3M Corporate Ventures. “Solid-state lighting technology has the potential to reduce U.S. lighting energy usage by nearly one half and contribute significantly to the nation’s climate change solutions. MSI’s technology is a great fit with 3M and takes our business relationship to the next level in a way that complements both companies.”
MSi provides quality lighting, top product performance and a large product offering to serve customers.
“The relationship between MSi and 3M is already strong,” added MSi President John Burke. “This investment allows us to further share ideas and innovations in LED. With 3M’s range of technologies and expertise in optical science, we are very excited about the future and new ways to serve customers.
This investment strengthens MSi because we now have access to the entire portfolio of 3M resources – mostly R&D – for the next generation of products.
MSi Lighting and 3M will not be competing with each other, actually we are complimenting each other. 3M will go into trade channels that MSi has not been in. MSi will remain with the lighting distributors and focusing on retail, furniture, museums and hospitality.”
It is estimated that switching to LED lighting over the next two decades could save the country $250 billion in energy costs over that period, reduce the electricity consumption for lighting by nearly one half, and avoid 1,800 million metric tons of carbon emissions.
“We are excited about MSI’s energy efficient LED lighting technology. Our investment will enable us to provide better LED lighting options to our customers,” said Stefan Gabriel, President, 3M New Ventures.
Source: MSi (http://www.msissl.com/