Current, powered by GE, released the following letter from President and CEO, Maryrose Sylvester to its employees, discussing the recent sale of Current, powered by GE to American Industrial Partners and what to expect in the future.
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I am excited to share important news about the next step in Current’s journey.
Today GE is announcing it has signed a proposed agreement to sell Current to American Industrial Partners, a New York-based private equity firm that focuses on buying, improving and growing industrial businesses. The proposed transaction is expected to close in early 2019, subject to customary closing conditions, regulatory approvals and consultation processes where required under local law.
American Industrial Partners (AIP) would be a tremendous partner and great home for Current moving forward. The firm has more than $4.0 billion of assets under management and nearly 30 years of experience working with industrial businesses. Our technology nicely complements AIP’s existing portfolio, and the firm’s deep expertise in operations and engineering would help us accelerate Current’s growth and continue building scale across all our key industry verticals. The AIP team shares our passion for helping customers realize the potential of intelligent environments through energy efficiency and digital productivity.
GE remains actively engaged in the process to sell GE Lighting, the North American consumer lighting business, but GE anticipates it will ultimately end up in a different home than Current. GE Lighting will remain an important partner for us as one of our key suppliers moving forward, and we wish our colleagues the best as they continue their journey.
Our proposed transition to the new organization will not happen overnight, and it is important that we continue operating separately until the deal closes. During this time, it’s business as usual and we will keep running Current just as we do today. We will share more information in today’s all-employee broadcast, and tomorrow we will take questions on a follow-up web chat. You can also submit questions here at any time, and we will do our best to answer as quickly as possible.
In closing, I want you to know how genuinely proud I am of this team. Built on our century-old legacy of professional lighting solutions, Current’s evolution over the past three years has been amazing, and AIP’s enthusiasm for our people and technology is a testament to your hard work and dedication. It’s why I continue to believe in Current’s future, and I am confident the next chapter of our story will be even better than the last.
Our customers are counting on us to help them navigate through this transition period, so we need to stay focused on delivering, and as always, continue operating with the highest levels of integrity. On behalf of the entire leadership team, thank you for helping make Current the success story it has become. Because of you, our future is brighter than ever.
Maryrose