Switching off the lights: GE weighing selling bulb business: report
by The Associated Press
Originally founded as a lighting and power company, the U.S. conglomerate may get out of the lightbulb business after 125 years
The Boston based company has been working to reinvent itself in recent years by divesting assets and cutting costs
BOSTON—The company created by the inventor of the lightbulb seems to have a dim view of its future relationship with the device.
The Wall Street Journal says in a report citing unnamed sources that General Electric is considering selling its lightbulb business.
The newspaper says GE has been talking to investment banks about its lighting business, which could fetch about $500 million. The company was co-founded by Thomas Edison more than 100 years ago.
A GE spokeswoman declined to comment.
The Boston-based conglomerate has sold off a number of businesses since 2004 so it can focus more on producing large, complex equipment. It unloaded its insurance, credit card, plastics and security divisions.
Activist investor Trian Fund has pressured GE to take steps to improve its performance and share price.
