CNN Money is reporting while GE’s is looking for a potential buyer (or buyers) for its lighting divisions, lighting sales are down significantly in the last year.
The report says GE’s lighting sales are down 59% last year, below $2 billion, making it one of GE’s smallest divisions. GE CEO John Flannery is trying to unload up to $20 billion in GE assets to provide cash, pay down its debt, and focus the company on its airline and healthcare businesses. Flannery has previously reported there are active discussions to sell GE Lighting and Current, Powered By GE. A number of publications and websites are reporting a wide variety of North American and foreign companies that may be interested in acquiring GE Lighting or Current, Powered by GE, but there have been no official statements about the discussions.
GE did sell its European lighting parts business last February to Jorge Bauer, the former chairman of the Hungarian unit of General Electric. GE also sold its rail division earlier this month to Wabtech for $11 billion.
GE did have a prominent booth space for Current at the recent LIGHTFAIR show. It debuted some new products at the event, showing it is still focused on creating innovative products for the future.
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