On Wednesday, November 7th, Slumping US industrial giant, General Electric made an announcement stating that it will be selling its energy efficiency business Current for an undisclosed sum as it begins work to reduce the debt it currently incurs.
As per a statement was given by GE’s new Chief Executive Lawrence Culp during an earnings conference back in the previous week he confirmed that debt reduction is a priority for the company for which it would be proceeding with a plan that was announced in June to shed its health and oil services business units.
As per reports, Current, which sells energy efficiency technology to commercial, municipal and industrial and customers would be purchased by Private equity firm American Industrial Partners in a transaction expected to close in 2019.
As per reports, Current is a company that sells infrastructure technology such as solar and LED as well as digital applications along with it.
The business has been depicted as its Consumer Lighting segment by GE, which reportedly brought in $385 million in revenues in the quarter ending September 30, accounting only about 1.4 percent of GE’s overall industrial revenues.
Ever since declaring a $22.8 billion quarterly loss on October 30th, citing a large downgrade of assets, GE, the once-dominant industrial giant, has fallen under tremendous pressure. Resulting in an investigation of GE accounting conducted by the US government.