Company of former GE Hungary head to buy GE Lighting EMEA


The company of the former chairman of the Hungarian unit of General Electric (GE), Jörg Bauer, has agreed to buy GEʼs lighting business in Europe, the Middle East, Africa and Turkey, as well as its global automotive lighting business, GE announced on Wednesday. The sides did not reveal the transaction price.

Jörg Bauer

The transaction includes GEʼs five plants in Hungary, regional sales offices and other properties. The company of Bauer, a German national who headed GE in Hungary until December 2017, will also take over more than 4,000 GE staff, most of whom work in Hungary.

The transaction is expected to be closed, in several steps, by the middle of 2018. However, Bauerʼs company could take over the Hungarian bases by early April, according to a report by Hungarian news agency MTI.

The business will continue to operate under the name Tungsram Group. GE acquired Hungarian light bulb maker Tungsram in 1989.

Magyar Eximbank will continue to support the businessʼs operation with credit after the change in ownership, according to the announcement.

About 99% of the lighting businessʼs output in Hungary is exported, noted MTI.


Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.