GTE Says Justice Department OK’s Sale of North American Lighting Division
DANVERS, Mass. (AP) _ GTE Corp. has received Justice Department clearance to sell its North American lighting products division to a German company, a spokesman said Wednesday.
The division, which employs 13,000 people, is being acquired by Osram, a lighting company based in Munich.
The deal is part an overall plan announced earlier by GTE to sell its Electrical Products Group, based in Danvers. This group, which also includes GTE’s international lighting business and other subsidiaries that make cutting tools and electrical components, is being sold in separate pieces.
GTE executives hope these steps will help the company focus better on its telecommunications business, said David Tedone, a GTE spokesman.
The Justice Department, which reviewed the deal with Osram, said Monday it found no reason to block the sale of the North American lighting business, which makes Sylvania light bulbs and other products, Tedone said.
GTE has already agreed to sell the international lighting business to a constortium in the Netherlands.
The price tag for the two divisions is $1.1 billion.