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GE’s LED to Get Most Lighting Sales in Next 10 Years

General Electric Co.’s lighting unit may draw as much as 75 percent of sales from light-emitting diode products within the next decade, compared with less than 10 percent now, the division’s chief said.

Consumer demand for LED bulbs will increase as prices decline from as much as $75, Michael Petras said in an interview today at Bloomberg headquarters in New York. Rising competition among GE suppliers is helping cut the cost of the chips used in the bulbs, he said.