GE announced that it has completed the sales of Current, powered by GE business unit to American Industrial Partners (AIP), following the agreement signed in November 6, 2018.
Current, powered by GE was established by GE in 2015 as a startup subsidiary offering smart lighting and control services through the integration of LED technology, networked 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.”
GE began its organization restructuring and announced the intention to sell its lighting business in the end of 2017. The company said in July 2018 that it planned to sell lighting business and Current, powered by GE by the end of 2018.
The sale of Current has completed but the consumer lighting business of GE Lighting is not included as part of the transaction.
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