GE today announced it has completed the sale of its Current, powered by GE business unit to American Industrial Partners (AIP).
AIP is a New York-based private equity firm focused on buying, improving and growing industrial businesses. Financial details were not disclosed.
Current’s portfolio spans LED and traditional lighting solutions, along with a wide variety of intelligent controls, sensors and software. The business delivers energy savings and operational productivity for its customers, which include commercial offices, retail stores, industrial facilities and cities. Under a long-term licensing agreement, Current will continue using the GE brand on its products and services moving forward.
“Three and a half years ago, we formed Current as a new kind of startup within the walls of GE, and today we are thrilled to celebrate the successful conclusion of that journey as we prepare to embrace our next,” said Maryrose Sylvester, President & CEO of Current. “American Industrial Partners is an excellent fit for our people and technology. Current has an important role to play in this emerging industry, and we look forward to working with our customers to continue building the future of digital lighting innovation.”
The consumer lighting business of GE Lighting is not included as part of the transaction.
Source: Company Press Release