According to CNNMoney, GE (GE-US)’s newly appointed CEO, John Flannery, has introduced a new strategic direction for the company, focusing on its core businesses in medical, power, and aerospace sectors. This shift marks a departure from some of its traditional areas, including the once-iconic light bulb division.
Earlier this year, in July, GE announced its plan to sell its lighting business, which currently contributes about 2% to the company’s total revenue. Meanwhile, the performance of its light bulbs has dropped by 66% this year. For many investors, the idea of GE without a light bulb is akin to AT&T without telephones or GM without Chevrolets—unthinkable for a company with such deep historical roots.
Last Monday (13th), GE made another significant move by cutting its dividend from $0.24 per share to $0.12. While the company claims this will save “$4 billion in costs†annually, the stock price plummeted by 7.17%, closing at $19.02 per share—the lowest point of the year so far. This comes as GE’s stock has lost nearly 40% of its value this year, and the dividend cut has further shaken investor confidence, prompting many to seek more profitable investment opportunities.
A Brief History of GE
GE’s story began in 1879 when Thomas Edison invented the light bulb. A year later, he launched his own light bulb sales company, and in 1892, it merged with Thomson-Houston Electric Company to form General Electric as we know it today.
Starting in 1892, GE transitioned from handcrafted bulbs to machine-made ones. In 1906, engineer William Coolidge developed long-lasting, high-brightness bulbs, which were commercially available by 1911 and helped solidify GE’s dominance in the industry.
In 1935, GE’s light bulbs lit up the fields of Major League Baseball, and in 1938, they introduced fluorescent bulbs. Then, in 1962, the first LED bulbs were developed, marking another milestone in lighting technology.
By 2019, GE had decided to exit the light bulb business entirely, signaling the end of an era for one of its most iconic product lines.
The Challenges of the Light Bulb Business
LED bulbs have been replacing traditional lighting for decades. Although GE’s LED division performed well between 2007 and 2014, the outlook for future revenue remains uncertain. GE aims for its remaining business segments to deliver consistent growth, stable income, and healthy cash flow. However, the decline in the lighting sector has forced the company to rethink its long-term strategy.
As GE continues to reshape itself, the legacy of the light bulb still lingers—not just in history, but in the evolving identity of one of the world’s most storied companies.
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