General Electric is selling off its home lighting business after nearly 130 years

[Polycount]

In context: General Electric (GE) is one of the most well-known corporations around, and for over a century, it's been responsible for helping to keep the average American home well-lit thanks to its lighting business. However, the GE of the past is not the same GE we have today -- gone are the days of founder Thomas Edison's influence in corporate operations.

After cycling through multiple CEOs, each with their own priorities, the company now has its hands in several different industries, ranging from aviation to healthcare to venture capital and finance.

For better or worse, that means the consumer-focused, home lighting side of GE's operations is no longer a priority. Indeed, in a press release issued today, the company announced that it has signed a "definitive agreement" to sell its lighting business to Savant Systems. Savant is a smart home company that sells a fairly standard variety of products: it sells smart speakers, smart shades, smart thermostats, and more.

If you're wondering why GE has chosen to sell GE Lighting after roughly 130 years of operation, company Chairman and CEO Lawrence Culp offered the following explanation:

Today's transaction is another important step in the transformation of GE into a more focused industrial company. Our GE Lighting colleagues will join a fast-growing leader in home automation that shares their passion for bringing the future to light. Together with Savant, GE Lighting will continue its legacy of innovation, while we at GE will continue to advance the infrastructure technologies that are core to our company and draw on the roots of our founder, Thomas Edison.

In other words, GE simply isn't interested in being a part of the home lighting industry anymore, which isn't much of a surprise. Nonetheless, this move marks the end of an era, and we're sure some of GE's long-term, die-hard customers will be disappointed by this news.

GE understandably strayed away from offering any specific details about the sale in its official press release. However, a report from the Wall Street Journal claims that the deal was worth about $250 million, which is a pretty nice chunk of change (though it will do little to reduce GE's massive corporate debt).

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https://www.techspot.com/news/85397-general-electric-selling-off-home-lighting-business-after.html

 

[DDG4005]

I'd say it's the end for GE. The company has been having financial troubles lately and this may be the beginning of its dissolution.

 

[p51d007]

Fire sale at GE...they can't spin it all they want.

 

[Uncle Al]

Some of their other businesses will keep them viable but selling off these businesses certainly is eliminating one of their core competences. Seeing this is like seeing Westinghouse get rid of it's switch-gear equipment which was recognized as the best in the world. I used to specify it in all my manufacturing installations and rebuilds. Of course they got sold off because of shotty management so maybe GE is headed down the tubes! Thank God they don't build electric cars!

 

[SeekerJBP]

You are forgetting that they make major components for weapons of mass destruction. They are not going to suffer financially. Lighting was just a distraction... and a tax write-off, which they don't need anymore since taxes haven't bothered them in years.

 

[DZillaXx]

Unlike the old Days, LED bulbs are long lasting. I can clearly see why its just not worth it anymore. Low profit margin business and doesn't seem like that will change in next few decades.

 

[HugsNotDrugs]

Unlike the old Days, LED bulbs are long lasting. I can clearly see why its just not worth it anymore. Low profit margin business and doesn't seem like that will change in next few decades.

LED filaments are but the power delivery components within bulbs are cheap junk and most certainly not long lasting.

In effect most bulbs fail long before their stated estimated life.

 

[Zor Ven]

LED filaments are but the power delivery components within bulbs are cheap junk and most certainly not long lasting.

In effect most bulbs fail long before their stated estimated life.

I don't think I have ever gotten even 1/2 the stated life from a light bulb (any technology)