General Electric to sell lighting branch

General Electric (GE) has started talks on the sale of its lighting branch, GE said on Monday, confirming reports.

The sale will affect most of the company’s plants in Hungary and about half of the local workers, GE said.

GE Lighting chairman-CEO Bill Lacey recently informed staff in Hungary in a letter that official talks had started on selling the branch which could be split up for the sale, according to the letter.

GE Lighting and Current’s communications director for the region Kinga Kalocsai said GE plans to sell the business “to optimise its portfolio and focus on its key digital industry activities”.

GE announced in an internal email late last week that it planned to sell its lighting business, according to reports by local news sources in Cleveland, where GE Lighting has its corporate headquarters.

Source: MTI