GE recently announced that intends to sell Current, its intelligent environments business unit, to New York-based private equity firm American Industrial Partners. GE launched Current three years ago, combining a collection of energy and digital management assets. The company has been developing tools to reduce electricity costs for customers by installing smart LEDs, wireless controls, and other sensor-based technologies that drive plant floor energy efficiency.
The data collected by these sensors can be integrated with enterprise software in making smarter operational decisions and hopefully cut energy costs. Some of Current’s customers include Walmart, General Motors, and the city of San Diego. Earlier this year, GE reported that Current helped Walmart save more than $100 million by installing LED fixtures across 6,000 stores, parking lots, distribution centers, and corporate offices in 10 countries.
AIP has more than $4 billion in assets under management and more than 30 years of experience working with industrial companies. Current said the proposed transaction is expected to close in early 2019, subject to customary conditions, regulatory approvals, and consultation processes. Financial terms were not discussed, but Current had 2017 revenues of just under $2 billion.
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