GE Is Saying Goodbye To Its 129-Year-Old Light Bulb Business
by BeauHDschwit1 shares a report from CNN: General Electric is saying goodbye to the light bulb. The conglomerate is shedding a struggling business founded by Thomas Edison more than a century ago. After years of failing to find a buyer, GE announced Wednesday it will sell its 129-year-old lighting division to smart home company Savant Systems. The deal marks the latest step in dismantling the GE empire, which is saddled with too much debt and poor-performing businesses. GE has previously unloaded units that make microwaves, locomotives and washing machines as well as NBC Universal and much of its troubled financial arm. Worth noting: You will still see GE-branded light bulbs on store shelves for the foreseeable future. The lighting transaction includes a long-term licensing agreement that allows Savant to use the storied GE brand.