According to a report in The Boston Business Journal, General Electric is preparing to sell Current, Powered By GE as part of the company’s restructuring and reorganization.
The report says Current was the first GE division to be set up in Boston as part of a planned relocation of the company headquarters. That headquarters move has been delayed.
New CEO John Flannery is working to slash about $20 billion worth of assets in the next 24 months, and GE will focus on three areas: power, aviation, and health care. It did not elaborate on the future of Current. Flannery is creating a more cost-efficient company.
The Boston Business Journal reports Flannery confirmed its report that it would eliminate Current, along with transportation and industrial solutions. In September, ABB bought GE Industrial Solutions for a reported $2.6 billion.
Earlier this year, GE announced it will be selling GE Lighting, the division started by Thomas Edison. It is GE’s smallest division, and GE light bulb sales are down nearly 70%.
The Boston Business Journal report also says Current has about 50 employees in the Boston area, and promised to create 200 jobs in Boston as it relocated there. GE told the Journal it hopes to sell to a company that will continue to help Current grow.