GE Lighting CEO BillLacey sent an internal email to GE Lighting on Thursday to announce the sale of GE Lighting. According to the e-mail, “Today, GE officially began discussions with potential buyers about the sale of GE lighting.â€
Bill Lacey stressed that the negotiations are still in the early stages and GE Lighting "can consider several strategic options." For example, it can sell different business units of GE Lighting to different buyers. He said that there will be no definitive answer yet.
In April of this year, there were rumors that GE or plans to sell consumer lighting business, the price of the transaction is about 500 million US dollars. GE will still retain the commercial LED lighting business called Current. Founded in 2015, Current is an innovative energy company that combines LED, solar, energy storage and electric vehicle businesses. However, the price of the transaction has not been confirmed.
In August last year, GE Lighting announced the termination of its business activities in Asia. At that time, many insiders predicted that GE would completely strip the lighting business. The rationale is based on: In 2016, GE's lighting business, including commercial lighting, generated approximately $2.2 billion in revenue, less than 2% of total revenue; energy management and lighting combined revenues accounted for only 12%. .
Previously, Chen Wei, general manager of GE Lighting China, said that lighting accounted for a small proportion of GE's business, accounting for only 2% of its sales. According to GE's 2015 financial report, the “Electrical and Lighting†segment accounted for 7% of revenue; the Asian market accounted for 17% of GE's total revenue. It can be seen that the lighting business itself is in a “weak position†among GE companies.
I have to say that compared with many competitors, this lighting giant from the United States has not been able to perform well in the Chinese lighting market in recent years. Although the brand of “General†has penetrated into every corner, it is in Philips, Osram, etc. Under the strong pressure of the brand, GE's actions appear slow and conservative.
In recent years, with the “Chineseization†trend of the global lighting pattern becoming more and more obvious, GE is not the only industry giant seeking to sell lighting business. Both Philips Lighting and OSRAM have similar moves. The former chose to independently market the lighting business, while the latter ushered in the acquisition of a consortium of Chinese companies, Mulinsen (002745.SZ).
In the past few years, Chinese companies have relied on the cost advantages of manufacturing and price wars, which have forced many multinational companies to gradually adjust their strategies in the Chinese market. For Chinese companies, the overseas market is the next key target to be developed.
The overseas acquisition of the LED industry also coincides with the current global market grabbing trend of Chinese companies.
With the global economy in trouble and low asset prices, the pace of “going out†of Chinese companies has been accelerating. The strength of overseas mergers and acquisitions has shown a rapid growth trend both in terms of transaction volume and transaction volume.
Entering 2016, the global LED industry is entering the development cycle dominated by “Chinese companiesâ€. On the one hand, the pattern of China's local LED industry has basically taken shape, and the performance growth and capacity expansion of a number of leading enterprises in the middle and lower reaches have entered a new stage.
In particular, the strong strength of China's capital market has pushed China's LED companies to quickly squeeze out global market share by mergers and acquisitions, and to form a counterbalance with traditional multinational giants.
The latest GE's first-quarter earnings report was dragged down by the decline in revenue from the oil and gas and lighting business. Total revenue in the first quarter fell to US$27.66 billion from US$27.85 billion in the same period last year.
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