General Electric (GE) is exiting its century-old lighting business with its announcement on May 27, 2020 that it has signed a definite agreement to sell the lighting unit to Savant System. Financial details of the deal was not revealed by both parties. Based on the agreement, Savant System will continue use the GE brand and keep headquarter in Cleveland, Ohio. The transaction is expected to close by mid-2020 and more than 700 employees will transfer to Savant after the deal completed. GE’s light bulb business has a history of almost 130 years and it was the f...

General Electric (GE) announced its plan to restructure the company in November 2017 with the intention to cut off its lighting business and to narrow the focus on three sectors, aviation, power and renewable businesses.