The former chairman of the Hungarian unit of General Electric has agreed to buy the GE Lighting business in Europe, Africa, the Middle East, and Turkey. Jorge Bauer has also agreed to buy the GE’s global automotive lighting business.
The deal does not include GE Lighting in North America or Current, Powered by GE. GE announced those will be sold either together or separately as part of at a later time. GE announced last year that it is getting out of the lighting business as part of a plan to shed more than $20 billion in assets while focusing on health, aviation, and power. There have been rumors of a potential interest in the purchase of Current, Powered by GE, but to date nothing is solid enough to report or name potential companies interested in acquiring Current.
The sale to Bauer includes all five of GE’s factories in Hungary. More than 4,000 people who work for GE will now by working for Bauer. Terms of the deal were not announced. The transaction should be completed by the middle of this year.
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