Over the years, GE Lighting Solutions, a subsidiary of General Electric Company (GE - Analyst Report), has come up with innovative LED (light emitting diode) systems to improve store ambience, increase visibility, enhance shopper experience, and augment profitability by inducing significant cost savings. M&M Meat Shops, the largest retail chain of specialty frozen foods in Canada, is the latest beneficiary in this endeavor.
In order to reduce its operating costs and boost its bottom line, M&M Meat Shops explored various store improvement alternatives before zeroing on the idea of deploying energy-efficient LED retail lighting system of General Electric. The Immersion RV40 LED refrigerated display lighting system of General Electric will result in annual savings of $60,000 for M&M Meat Shops, once installations are complete across its 430 franchise locations.
This multi-year renovation project will entail the replacement of T10 fluorescent lights with Immersion RV40 LED lighting systems, which are estimated to save $870 per year for a 12-hour operating time per day at a $0.10 kWh rate. In addition, maintenance costs will also be reduced as the LED lights will not be required to be replaced frequently compared to the fluorescent lamps, resulting in annual savings of $525 per store. Cumulatively, the refurbished lighting will save approximately $1,400 per store per year. Additionally, the LED lighting system of General Electric will improve the visibility of the stores and augment its visual appeal with crisp, bright white light generated at 5000-degree Kelvin temperature.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, the company serves over 100 million customers worldwide.
Its segments include Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation, Home & Business Solutions, and GE Capital. With an expansive installed base of over 25 million linear feet of LED lighting, GE Lighting Solutions offer an extensive line of high-performance LED product solutions, including lamps, architectural lighting, retail display lighting, signage lighting, outdoor lighting and transportation lighting solutions. GE Lighting Solutions comprise GE Lighting's LED system operation based in Cleveland, Ohio, and its commercial and industrial lighting fixture group in Hendersonville, N.C.
General Electric currently has a Zacks Rank #3 (Hold). Other companies in the industry worth mentioning are Crane Co. (CR - Snapshot Report), Honeywell International Inc. (HON - Analyst Report), and Macquarie Infrastructure Company LLC (MIC - Snapshot Report), each carrying a Zacks Rank #2 (Buy).