[GE] in the sale of part of the lighting business, the former executives holding companies to offer

General Electric (GE) before the date of sale in the lighting business has taken a big step. The company announced a deal to sell GE lighting in Europe, the Middle East, Africa and Turkey business and global automotive lighting business, the business prior to the Budapest branch company is located in hungary. The buyer is a company by its former executives Joerg Bauer holding company.

Joerg Bauer served as GE lighting division president in December 2017 to leave Hungary.

The Joerg Bauer

It is reported that the transaction including GE lighting in the regional sales offices and five factories in Hungary and other property, the transaction amount has not been disclosed.

Said Joerg Bauer released on his personal LinkedIn page statement on the deal, "GE lighting in all business in Europe, Middle East and Africa and Turkey, including in the area of commercial operations, factories, offices, staff and equipment, and automotive lighting business."

The acquisition plan "also includes the use of GE lighting brands during the transition period, after will give GE the name of the company, the new organization will be Tungsram brand development, production and sales of products." The new business will be the name of the operator Tungsram group. 1989GETungsram Joerg Bauer wants to revitalize the national brands.

It is reported that all the staff of these departments - a total of more than 4000 people will be transferred to the new company.

Joerg Bauer also said that the deal can be reached finally depends on regulatory approval.

Joerg Bauer seems to be optimistic on schedule, he pointed out that the process will be proposed in the middle of 2018 stages, the earliest possible start on April 2018. At present, he is not specifically on the development plan which products or services.

The deal marks the first step towards the exit of the GE lighting market.

According to GE director Alicia Gauer lighting company communication statement, Nela Park is located east of Cleveland team GE lighting headquarters will not affect the deal "."

In addition, GE lighting "North American consumer business and other assets as part of the sales to other Joerg Bauer", and this has not acquired Current, GE is looking for a buyer for them.

According to the previously published GE report, GE lighting sector revenue (including GE lighting and Current) decreased to $546 million in the fourth quarter of 2017, compared to the fourth quarter of 2016 to $584 million in 7%.

Source: China light

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