GE sells 129-year-old lightbulb business

Business
February 07 2021 03:30 pm

(CNN Newsource) — It’s one of the most iconic inventions, but after more than a century, General Electric is saying goodbye to the lightbulb.

GE announced Wednesday it’s leaving behind the business it pioneered with Thomas Edison and selling the 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 also unloaded the parts of the company that make microwaves, locomotives, and washing machines, along with NBCUniversal and much of its troubled financial arm.

The company says the decision marks a shift from being consumer-focused to industrial-focused.

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