Bloomberg NEW YORK (Bloomberg) — General Electric Co. agreed to sell its commercial lighting division to American Industrial Partners, continuing to sell businesses as the industrial giant streamlines its manufacturing portfolio.
The purchase of the unit, which is known as Current, is expected to close early next year, the conglomerate and AIP, a private equity firm, said in a statement Tuesday. Financial terms weren’t disclosed. Current offers energy consulting services to businesses and municipalities that help them control and lower their power costs by digitally managing their lighting systems. It’s part of GE’s lighting unit, a division that includes a consumer light bulb business that GE is also in the process of selling.
The Boston-based company has announced at least $10 billion in asset sales over the last 12 months.