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Updated: May 27, 2020

GE is saying goodbye to its 129-year-old light bulb business

HBJ File Photo General Electric's former Fairfield headquarters.
By Matt Egan, CNN Business

General Electric is saying goodbye to the light bulb. The conglomerate is shedding a struggling but iconic business that it pioneered with Thomas Edison more than a century ago.

After years of failing to find a buyer, GE announced Wednesday it will sell its 129-year-old lighting division to smart home company Savant Systems.

The deal marks the latest step in dismantling the GE empire, which is saddled with too much debt and poor-performing businesses.

GE has previously unloaded units that make microwaves, locomotives and washing machines as well as NBC Universal and much of its troubled financial arm.

"Today's transaction is another important step in the transformation of GE into a more focused industrial company," GE CEO Larry Culp said in a statement.

GE declined to provide details on the amount for which the business sold.

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