Are things moving quickly now at GE Lighting in the USA?
Now it appears that there is movement in the contemplated sale of GE Lighting's North American business and its LED lighting section.
According to newspaper reports at least two Chinese companies, namely MLS and Foshan Electrical and Lighting, have had talks with lenders to finance the acquisition. There is talk of USD 1 bn (EUR 812 m).
As we already reported on 20th February, this would then be part 2 of the sale of General Electric's lighting business, after part of it went to the former chairman of GE Hungary.
At GE there is a thorough restructuring pending, involving the sale of parts of the company for about USD 20 bn = EUR 16 bn, in order to concentrate on energy, aviation and health in the future.
The lighting business is no longer lucrative for GE, with only USD 93 m (EUR 75 m) profit being made last year from a turnover of USD 2 bn (EUR 1.6 bn).