General Electric Finds Buyer for Consumer Lighting Unit
Thomas Edison's company is selling off the product the inventor is best known for. General Electric (NYSE: GE) said Wednesday it has a deal in place to sell its consumer lighting business to Savant Systems, part of a broader restructuring of the industrial conglomerate. Shares of GE have lost 70% of their value compared to its 1990s heydays, but the conglomerate is attempting to raise cash to pay down the debt by shedding units including its locomotive business, part of its healthcare unit, and lighting.
