General Electric (GE) has begun organization restructure and unveiled the intention to sell its lighting business since a year ago. In July 2018, the company has scheduled the selling plan to be in the end of the year. Finally, GE announced on November 6th that it has signed a proposed agreement to sell its Current, powered by GE business to American Industrial Partner (AIP).
(Image: Reuters )
AIP is a New York-based private equity firm focusing on buying and improving industrial business. With the acquisition of Current by GE, AIP is going to provide technology investment and operational expertise to accelerate Current’s growth and it will continue using the GE brand. Currently, the business of Current includes LED and traditional lighting solutions, as well as connected sensors, control and software. The transaction is expected to close in early 2019.
“American Industrial Partners would be a great home for Current moving forward. 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,” said Maryrose Sylvester, President & CEO of Current. “We look forward to partnering with the AIP team to further establish Current as a leader in the rapidly growing IoT lighting space.”
The selling does not include the North American consumer lighting business of GE Lighting, according to GE. However, the company is still engaged in the process of selling this business.
