UNITED STATES – General Electric Co. has agreed to sell part of its light source production unit, which was the first step to complete the corporation’s exit from the business, the Wall Street Journal reported.
Within the framework of GE Lighting’s deal in Europe, the Middle East, Africa and Turkey, as well as Global Automotive Lighting, a company belonging to the former head of GE Hungary, Joerg Bayer, will be sold.
The new business will operate under the brand Tungsram Group. The similar name had the large Hungarian manufacturer of the electrotechnical equipment created in the end of 19-th century.
The transaction, the amount of which is not disclosed, did not enter the GE Lighting business in North America.
GE decided to sell $ 20 billion in assets under the restructuring and focus on three key areas: products for aviation, energy and health. The company is exploring the possibility of dividing the core business into separately traded units.
In November, GE announced a quarterly dividend cut in half due to weak financial performance and a drop in capitalization. GE received a net loss in the fourth quarter of 2017, GE revenue for the quarter fell by 5%.