General Electric weighs sale of consumer-lighting division
06 April 2017
General Electric Co. (GE) is weighing the sale of its consumer-lighting business in a deal that could value the 127 year-old unit co-founded by Thomas Edison, at around $500 million, The Wall Street Journal yesterday reported, citing people familiar with the matter.
GE is interviewing investment banks about possibly selling the division, which will not include its commercial LED lighting company called Current.
GE's consumer lighting unit dates back to 1890, when Thomas Alva Edison founded the Edison General Electric Company.
GE's consumer-lighting business, based in East Cleveland, Ohio, comprises of residential LED lighting and connected-home technology in North America.
The sale would be likely be less about the money and more about GE's slow exit from the consumer sector in favor of business-facing ventures, the report said.
Last year, it sold its appliances division to China's Haier Group for $5.4 billion in order to focus on its industrial business instead of appliances or finance. (See: GE to sell appliance business to China's Haier Group for $5.4 bn)