Technology GE is saying goodbye to its 129-year-old light bulb business

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  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    New York (CNN Business)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.

    "Today's transaction is another important step in the transformation of GE into a more focused industrial company," GE CEO Larry Culp said in a statement.

    Read more here. (CNN)
     

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