By Peter Saunders
April 5, 2019 – General Electric (GE) has sold Current, one of its business units, to American Industrial Partners (AIP), a private equity firm. The business will continue to use the GE brand, however, under a long-term licensing agreement.
Current’s portfolio includes LEDs, traditional lighting systems, ‘intelligent’ controls, networked sensors and software, with a focus on improving energy efficiency and operational productivity for commercial office buildings, retail stores, industrial plants and municipal properties. The business does not include the consumer-market side of GE Lighting.
“We formed Current three-and-a-half years ago as a startup within GE,” explains Maryrose Sylvester, Current’s president and CEO. “Today, we celebrate the successful conclusion of that journey.”
Financial details of the sale were not disclosed.