Photo-Illustration: Shutterstock/CNNMoney
Now playing
01:31
GE changed our lives. Why is it struggling?
Liverpool co-owners John W Henry (left) and chairman Tom Werner have seen the club's fortunes improve since taking over the club in 2010.
Michael Regan/Getty Images Europe/Getty Images
Liverpool co-owners John W Henry (left) and chairman Tom Werner have seen the club's fortunes improve since taking over the club in 2010.
Now playing
01:56
Football executive apologizes for European Super League plan
NEW YORK, NY - SEPTEMBER 07:  Venus Williams speaks onstage at theCURVYcon Powered By Dia&Co on September 7, 2018 in New York City.  (Photo by Slaven Vlasic/Getty Images for theCURVYcon)
Slaven Vlasic/Getty Images for theCURVYcon
NEW YORK, NY - SEPTEMBER 07: Venus Williams speaks onstage at theCURVYcon Powered By Dia&Co on September 7, 2018 in New York City. (Photo by Slaven Vlasic/Getty Images for theCURVYcon)
Now playing
03:03
Venus Williams: Major tournaments can succeed this summer
AirTag
Apple
AirTag
Now playing
01:17
See AirTag, Apple's new device for tracking your lost stuff
John Oliver addressed the recent fatal police shootings of Daunte Wright and Adam Toledo in a passionate monologue on "Last Week Tonight."
Last Week Tonight/HBO
John Oliver addressed the recent fatal police shootings of Daunte Wright and Adam Toledo in a passionate monologue on "Last Week Tonight."
Now playing
01:38
John Oliver to White Americans: 'March in the streets'
WASHINGTON, DC - DECEMBER 12: U.S. President Donald Trump departs on the South Lawn of the White House, on December 12, 2020 in Washington, DC. Trump is traveling to the Army versus Navy Football Game at the United States Military Academy in West Point, NY. (Photo by Al Drago/Getty Images)
Al Drago/Getty Images
WASHINGTON, DC - DECEMBER 12: U.S. President Donald Trump departs on the South Lawn of the White House, on December 12, 2020 in Washington, DC. Trump is traveling to the Army versus Navy Football Game at the United States Military Academy in West Point, NY. (Photo by Al Drago/Getty Images)
Now playing
02:18
Trump said electing Biden would crash the markets. It didn't
Scene video following a crash involving a Tesla Saturday night in Spring, TX
Scott Engle
Scene video following a crash involving a Tesla Saturday night in Spring, TX
Now playing
01:09
Fatal Tesla crash had no one in the driver's seat, police say
CNN
Now playing
03:22
Bank of America CEO reveals his top worry about the economy
US Navy
Now playing
01:28
Pentagon confirms UFO video is real, taken by Navy pilot
marte fotos volcan olympus mons sistema solar hope ultravioleta perspectivas mexico_00000411.png
marte fotos volcan olympus mons sistema solar hope ultravioleta perspectivas mexico_00000411.png
Now playing
04:12
Why we are going to Mars
Twitter | @brady9dream
Now playing
02:10
Pet owners pitch their pups to be dog brew's 'Chief Tasting Officer'
Now playing
01:32
Scientists turned spiderwebs into music and it sounds like a nightmare
LONDON, ENGLAND - DECEMBER 07:  A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs.  (Photo by Dan Kitwood/Getty Images)
Dan Kitwood/Getty Images
LONDON, ENGLAND - DECEMBER 07: A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it continues to see wider mainstreem adoption. The price of one Bitcoin passed 15,000 USD across many exchanges today taking it higher than previous all time highs. (Photo by Dan Kitwood/Getty Images)
Now playing
03:10
Bitcoin has an energy problem
Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday.  (Photo by Mario Tama/Getty Images)
Mario Tama/Getty Images
Accused $50 billion Ponzi scheme swindler Bernard Madoff exits federal court March 10, 2009 in New York City. Madoff was attending a hearing on his legal representation and is due back in court Thursday. (Photo by Mario Tama/Getty Images)
Now playing
03:11
Bernie Madoff, infamous Ponzi schemer, dead at 82
Now playing
05:18
Coinbase CFO: We're an on-ramp to the crypto economy
A man checks vine buds during the burning of anti-frost candles in the Luneau-Papin wine vineyard in Le Landreau, near Nantes, western France, on April 12, 2021, as temperatures fall below zero degrees celsius.
Sebastien Salom-Gomis/AFP/Getty Images
A man checks vine buds during the burning of anti-frost candles in the Luneau-Papin wine vineyard in Le Landreau, near Nantes, western France, on April 12, 2021, as temperatures fall below zero degrees celsius.
Now playing
01:37
See how French winemakers are trying to save their crops from frost
(CNN Business) —  

General Electric’s slow-motion breakup with the lighting industry it pioneered continues.

GE announced on Tuesday it’s selling commercial LED maker Current to private-equity firm American Industrial Partners.

It’s the latest business that GE is saying goodbye to as it races to pay down debt by raising cash and cutting costs. GE’s (GE) debt-riddled balance sheet forced the company to slash its dividend to just a penny last week.

GE did not disclose a sale price for Current. Analysts said that suggests the unit, which was put up for sale a year ago, fetched an insignificant sum. The deal marks an unceremonious ending for a business that GE launched just three years ago as a next-generation energy efficiency solution for companies.

LED pricing has come under heavy pressure and Current generated just $900 million of sales during the first nine months of 2018. In addition to LED technology, Current makes sensors, controls and software for customers that include Walmart (WMT) and JPMorgan Chase (JPM). As part of the proposed sale, Current will keep using the iconic GE brand under a licensing agreement.

Current’s new home will be American Industrial Partners, a New York-based private equity firm focused on improving industrial companies.

“The firm’s deep expertise in operations and engineering, combined with its highly successful track record of industrial business investments, would help us accelerate Current’s growth,” Current CEO Maryrose Sylvester said in a statement.

GE is still trying to find a buyer for its famous consumer light bulb business, which was not included in the Current sale. GE first announced plans to sell the lighting unit in mid-2017.

“GE remains actively engaged in the process to sell this business,” the company said in a statement.

GE’s financial problems – debt is too high and earnings are shrinking – have forced the conglomerate to dismantle itself in a bid to raise $20 billion.

In recent months, GE has agreed to sell its century-old locomotive division and announced plans to spin off GE Healthcare, which makes MRI machines. GE also reiterated plans last week to eventually exit its majority stake in the oil-and-gas giant Baker Hughes.

And on Tuesday, GE finalized the $3.25 billion sale of its distributed power business to private equity firm Advent International. The sale of the unit, which makes gas engines that are used to generate electricity in remote places, was first announced in June.

The flurry of dealmaking is a sign that new CEO Larry Culp is working hard to repair GE’s balance sheet.

Wall Street has grown frustrated with the speed of GE’s turnaround, which began under former CEO John Flannery. The stock, trading near nine-year lows, has declined nine straight days. GE has lost 45% of its value this year. That’s the third-worst performance in the entire S&P 500 and mirrors GE’s 2017 loss.