GE buys Indonesian arm

GE buys Indonesian arm

CLEVELAND (Reuter): GE Lighting, a unit of General Electric Co., said Tuesday it bought 100 percent ownership of Indonesia's PT GE Angkasa Lighting.

GE Angkasa was a 65/35 percent joint venture formed last year between General Electric and PT Sinar Angkasa Rungkut. Financial terms were not disclosed.

The new GE unit will be called PT GE Lighting Indonesia.

The company said that in past five years, GE Lighting has increased its global presence with acquisitions in Europe and ventures in India, Japan, and China.

GE's stock was off 37.5 cents at $58.625 on the New York Stock Exchange at midday.