GE: divests lighting business
(CercleFinance.com) - GE has announced that it has reached a final agreement to divest its lighting business to Savant Systems, a leading smart-home company, which will continue to use the GE brand through a long-term license agreement.
The conglomerate specifies that its subsidiary GE Lighting will keep its head office in Cleveland, Ohio, and that its workforce of over 700 employees will be transferred to Savant Systems when the acquisition is completed.
This transaction, whose financial terms were not specified, will require the usual conditions to be met. It should be completed in mid-2020 and will enable GE to pursue its strategy of industrial refocusing.
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