Chinese Firms Prepare Bids for GE Lighting Ops – Sources - Energy Watch News

Chinese Firms Prepare Bids for GE Lighting Ops – Sources

(3/5 Reuters) – At least two Chinese companies are preparing bids for industrial conglomerate General Electric’s remaining lighting assets in a potentially $1 billion deal, according to people familiar with the situation. MLS Co and Foshan Electrical and Lighting Co , both lighting manufacturers based in southern China’s Guangdong province, have been in talks with lenders to finance a potential bid for the asset, one of the people said. Shedding the remaining, mainly U.S.-based lighting business is part of a broad restructuring plan aimed at divesting $20 billion worth of assets to focus the remaining company on three core divisions: power, aviation and health care. Profit at GE’s lighting business fell sharply last year. It earned $93 million on revenue of nearly $2 billion in 2017, down from $199 million on $4.8 billion in 2016.  The U.S. lighting activities will also be shopped to peers such as Cree, Acuity, Leviton, Hubbell and Eaton.

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