- Nov 19, 2018 -
GE Announces Sale of Current to US AIP Company
According to foreign media reports, yesterday (6), GE (United States General Electric Company) announced that it has signed a draft agreement to sell its Current to American private equity firm American Industrial Partners (AIP).
AIP is a company focused on buying, improving and developing industrial businesses. The proposed transaction is expected to be completed in early 2019 and is subject to customary closing conditions, regulatory approvals and advisory procedures required by local law. Financial details have not been disclosed.
Current is a leading provider of efficient and digital productivity solutions for commercial offices, retail stores, industrial facilities and cities. Its commercial technology portfolio includes LED and traditional lighting solutions, as well as a variety of connected sensors, controls and software. As part of the proposed sale, Current will continue to use the GE brand under the license agreement.
Current President and CEO Maryrose Sylvester said, “AIP will be a good family for Current. AIP's deep expertise in operations and engineering, coupled with its highly successful industrial investment in the past, will help us. Accelerating the growth of Current," "We look forward to working with the AIP team to further establish Current as a leader in IoT lighting."
AIP partner Eric Baroyan said, "GE's history of innovation, quality, reliability and deep expertise are ideal for our investment strategy." "We look forward to continuing this tradition and supporting the key growth plans of the Current management team. Current's extensive product portfolio and leading digital solutions help customers save energy and gain a better insight into the environment through an advanced intelligent ecosystem platform. We are pleased to work with Maryrose Sylvester and its leadership team to invest in Current's renowned industry engineering, manufacturing, Digital and supply chain capabilities capture the significant opportunities for energy efficiency and digitalization in front of us."
GE Lighting's North American consumer lighting business is not included in the proposed transaction, and GE is still actively selling this business.
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