GE Cuts Dividend In Half, Plans To Drop Light Bulb

  • 11/14/2017 11:29:18 AM
  • Larry Stine
  • Local News

ONTARIO, OH - For only the second time since the Great Depression, General Electric is cutting its coveted dividend, with officials saying it will be cut in half.

The iconic company has struggled on Wall Street, with its stock losing 37 percent of its value this year.

The company also plans to get rid of $20-billion worth of businesses in the next year or two, including its railroad and light bulb divisions.

The light bulb is the most iconic product of GE's 125-year existence.

One place where it's manufactured is at the GE light plant in Bucyrus.

It was back on August 22 of 2013 where GE officials in Bucyrus made a major announcement, saying they planned to invest millions of dollars to manufacture a new type of light bulb and also create jobs.

But the corporate company said in July it was looking to sell its lighting business.

Lighting is by far GE's smallest division, making up just under 2 percent of the company's overall revenue.

And light bulb sales have fallen 66 percent so far this year.

GE also plans to shrink its board of directors from 18 to 12 members.

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