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Heavy news! GE considers selling consumer lighting business
On April 6th, as a pioneer in the global lighting industry, General Electric (GE) may withdraw from this market. The company, founded 125 years ago by Edison, is considering selling its consumer lighting business. Edison was the first inventor of the world to use incandescent lamps for commercial use. In 1892, Edison Electric Company merged with Thomson-Houston Electric to form General Electric. According to people familiar with the matter, GE has hired an investment bank to help it assess the possibility of selling consumer lighting, which could bring in $500 million, but it is not yet guaranteed. The business that GE is considering for sale includes North American residential LED lighting and home networking technology. The company plans to retain a commercial LED lighting business called Current. Last year, GE sold its home appliance business to China Haier Group for $5.4 billion. The company currently focuses on power turbines, aircraft engines, medical equipment and locomotives, as well as profitable contracts to service these machines.