General Electric sells parts of its lighting business to Hungary

The former chairman of General Electric's Hungarian business unit, Jorge Bauer, is said to be taking over............

the lighting business of the GE Group in Europe, Africa, the Middle East and Turkey; plus the worldwide automotive lighting.

The deal excludes GE Lighting's North America business and LED lighting: these will  be sold later either together or separately. At GE, one wants to leave the lighting sector and focus on more lucrative businesses such as health and aviation.

The sale should be completed by the middle of the year and also includes the five manufacturing sites in Hungary, where more than 4,000 people are employed.