Reuters Hong Kong / Frankfurt March 5 - According to sources familiar with the situation, at least two Chinese companies are preparing to bid for the remaining lighting assets of GE (GE) One billion dollars.
One source said that Mulinsen (002745.SZ) and Foshan Lighting (000541.SZ) are negotiating with the lender to finance the possible bidding for the above assets. Both companies are lighting manufacturers in Guangdong.
Another source said that GE released news about the sales process on the parties interested in bidding on Monday, and will send an information memo in the next few weeks before making the first round of bidding.
General Electric did not comment. At present, Mulinsen’s views are not available, and Foshan Lighting did not immediately respond to the request for comment. Since the relevant information is confidential, the source does not want to be named.
General Electric reached an agreement in mid-February to sell the European portion of the overseas lighting business to a company controlled by former executive Joerg Bauer. The transaction amount was not disclosed. This is the first step for GE to withdraw its lighting business.
The sale of the remaining lighting business, mainly in the United States, is one of the company's restructuring initiatives. The company's restructuring aims to break off $20 billion worth of assets and focus the rest of the business in three core divisions: electricity, aviation and healthcare.
Sources said last month that GE is also seeking to sell its industrial gas engine business, which could be as high as $2 billion.
The company's lighting business saw a sharp drop in profit last year, with revenues approaching $2 billion in 2017 and a profit of $93 million, down from $4.8 billion and $199 million in 2016, respectively.
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