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.
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.”
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. About MSi MSi has always been focused on creating a solution to the high-energy consumption of hot, costly halogen lights in a myriad of applications – particularly in Retail, Hospitality, Museums and Furniture. Today, MSiXPAR’s are getting rave reviews across the nation, including the coveted INC500 award Top 500 fastest growing companies in America. For more information on MSi, visit their web site at www.msissl.com About 3M 3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $31 billion in sales, 3M employs 89,000 people worldwide and has operations in more than 70 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts