General Electric Co. is getting out of the business of making lightbulbs, selling a unit that defined the company for nearly a century and was its last direct link to consumers.
GE said it would sell its lighting business to Savant Systems Inc., a seller of home-automation technology. Terms of the deal weren’t disclosed, but the transaction valued the unit at around $250 million, according to a person familiar with the matter.
Glad I bought generalelectric from $5-level... h/t YahooFinance
'We want to focus on our core money-losing businesses.' I've heard this before. For example, from Motorola management.
Take note F500 companies. This is what happens to a wonderful historic company when you have Ivy League stacked executives. Most don’t know hard work, original thinking, or business acumen. They know mom and daddy connections and narrow mindedness.
That's because they have found that dealing with and getting government contracts via lobbying is much more profitable.
It’s a dark day for humanity.
Last direct link to customers? I just bought a GE refrigerator.
GE is no longer building appliances (refrigerators, microwaves, washers and dryers)?
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNN - 🏆 4. / 95 Read more »