Deals
GE Leaves Edison Further in the Past by Selling Lightbulb Unit
- Financial terms of deal with Savant Systems aren’t disclosed
- CEO Culp says GE becoming a ‘more focused industrial company’
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General Electric Co. cut one of the last remaining links to founder Thomas Edison, as the beleaguered manufacturer wrapped up a three-year process to sell its iconic lightbulb business.
Automation-products company Savant Systems Inc. will acquire GE’s consumer operations, including lighting and smart-home goods, and bring on the business’s more than 700 employees, the companies said Wednesday in a statement. They didn’t disclose terms of the deal, which is expected to close later this year.