General Electric Finally Manages to Jettison Its Historic Lighting Business

Photo: Justin Sullivan (Getty Images)General Electric is no longer in the light bulb business, the company announced on Wednesday.GE said that its 129-year-old lighting unit—which was formed in 1892 from the merger of Thomas Edison’s Edison General Electric Company with two other firms—will be sold off to smart home manufacturer Savant Systems in a deal…

General Electric Finally Manages to Jettison Its Historic Lighting Business

Photo: Justin Sullivan (Getty Images)General Electric is no longer in the light bulb business, the company announced on Wednesday.GE said that its 129-year-old lighting unit—which was formed in 1892 from the merger of Thomas Edison’s Edison General Electric Company with two other firms—will be sold off to smart home manufacturer Savant Systems in a deal with undisclosed terms. The lighting division has been on the market for a buyer since 2017 and, by 2018, had become the company’s smallest division, accounting for under two percent of GE’s $122 billion in revenue. Low prices for light bulbs, as well as a rapid switch to more efficient lighting technologies lasting far longer than traditional incandescent bulbs, turned the unit into a money-loser for GE.In particular, consumers have switched to light-emitting diodes that can remain operational for decades—a trend that is very unlikel
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