General Electric is getting rid of the light bulb, the most iconic product of GE’s 125-year existence.
Unveiling GE’s roadmap, new CEO John Flannery said that the company would focus on its health, power and aviation businesses. Lighting didn’t make the cut to be part of GE’s future.
The news itself isn’t a shock: The company said in July that it was looking to sell its lighting business. Lighting is by far GE’s smallest division, making up just under 2% of the company’s overall revenue. And light bulb sales have fallen 66% so far this year. Read more.