GE Sells Off Boston-Based Lighting Division: Current
Boston, MA - Current provides LED lighting for a multitude of commercial and industrial buildings in the United States. General Electric (GE) is the parent company of the Boston-based Current division which started two years ago.
In 2016, Current was launched in a WeWork space near South Station with a few dozen workers. However, the founders envisioned hundreds more local employees working for the company on the grounds.GE created Current in order to merge high-tech lighting with specific energy businesses like those that harness solar energy. The goal of Current's products is to both offer energy efficiently and pave the future for smart building technology.
Nonetheless, Current will no longer be a faction of GE headquarters. John Flannery, CEO of GE, felt pressured to revive GE loss from the stock price by selling the division and many other lighting business to mitigate the stock price blow.
As a result of GE's downsizing, the company decided to sell Current to a private firm called American Industrial Partners (AIP), based in New York. AIP is a middle market private equity firm that purchases and enhances industrial businesses with operations in the United States and in Canada. AIP has been around since 1989 yielding great success by acquiring and investing in businesses with revenues up to billion of dollars. John Flannery started the process of selling Current last year and the new chief Larry Culp plans on completing the process by next year 2019.