GE to sell its Current LED technology business to a private equity firm for an undisclosed sum
Shares of General Electric Co. rose 0.2% in premarket trade Tuesday, after the struggling industrial conglomerate announced a deal to sell its Current LED technology and networked sensors business to private equity firm American Industrial Partners. GE did not disclose financial details of the deal, which is expected to close in early 2019. GE has been selling assets to help bolster its balance sheet. The stock slipped 0.1% Monday to suffer a ninth-straight loss and to close at the lowest level since March 11, 2009, amid credit downgrades, dividend cuts and disappointing quarterly results. The stock has tumbled 29% over the past three months, while the Dow Jones Industrial Average has slipped 0.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.