Two Chinese Companies Bidding For GE Lighting

A report from Reuters says two Chinese-based companies, including the parent company for Forest Lighting and Ledvance, are preparing bids to buy GE Lighting.  The report says the deal is worth at least $1 billion.  GE has announced it wants to sell GE Lighting and Current, Powered by GE as a combined company.

MLS, which owns Forest and Ledvance, is not commenting on the report.  The other company preparing a bid is Foshan Electrical and Lighting.

GE conformed that it did send out “teasers” to potential buyers on Monday, March 5.  GE says it will be sending out more information in the next few weeks, and expects a first round of bidding soon after.  GE is reported shopping the North American business to Cree, Acuity, Leviton, Hubbell, and Eaton.

In February, “lightED” reported GE announced deal to sell its European lighting division. It is part new CEO John Flannery’s plan to shed as much as $20 billion in assets and focus on aviation, healthcare and power. Last year, GE’s lighting business dropped, with revenue falling more than $100 million from the previous year.