Exclusive Features

Top 20 Stories of 2017: #8 GE Lighting Officially Up For Sale

Top 20 Stories of 2017: #8 GE Lighting Officially Up For Sale

EVERY WEEKDAY IN DECEMBER, TED MAGAZINE IS COUNTING DOWN THE TOP 20 STORIES OF 2016. BELOW, THE #8 MOST-VIEWED STORY OF THE YEAR, ORIGINALLY PUBLISHED ON JUNE 9, 2017.


 

“Change breeds opportunity.”

Just 17 months after taking over as President and CEO of GE Lighting, those were the words Bill Lacey sent to employees in an internal memo this week.

Lacey says GE is still early in the process of finding a buyer, and there should be a number of options in the future.  The memo to employees does not say anything about future plans, but points out that when GE sold its appliances division, those teams continued to thrive.  GE sold the appliances division for a reported $5.6 billion.  There is no word on the potential price of the sale of GE Lighting.

The sale of GE Lighting does not include the company’s “Current” division, which uses technology and digital networks on commercial buildings and industrial facilities. Current products were featured prominently during last month’s LIGHTFAIR event.  Its portfolio includes use of IoT, digital lighting with wireless control and lighting in intelligent buildings.

A spokeswoman with GE confirmed the sale to the Cleveland Plain Dealer newspaper and Crain’s Business Cleveland, but did not go into details about a timeline or potential buyers.  The GE Lighting plant in Cleveland has shrunk in the past few years, dropping from 700 employees to around 300 right now.

This past April, GE Lighting won the Energy Star Partner of the Year (Product Brand Owner) award.

 

 

Tagged with ,

Comment on the story

Your email address will not be published.