General Electric Sells Light Bulb Business
After 129 years in business, General Electric is saying goodbye to the light bulb. GE made the announcement today that it’s leaving behind the lighting business it created with Thomas Edision and selling it to Savant Systems. GE is being dismantled due to too much debt and poor performing businesses. GE also sold parts of the company that makes microwaves, locomotives, and washing machines. The company says the decision marks a shift from being consumer focused to industrial focused.