October 26, 2021
GE Current, a Daintree company, has entered into a definitive agreement with Hubbell Inc. to acquire Hubbell’s Commercial & Industrial Lighting business for $350 million cash. In addition to expanding Current’s product range, the move broadens its distribution footprint and digital tools to service customers quickly and efficiently.Hubbell’s Commercial & Industrial Lighting division reported sales of $515 million in 2020.
There are no planned changes to each company’s lighting agency networks, which will continue to operate separately with dedicated resources and distinct brands.
“Today’s announcement is a win for the industry, combining two leading companies with over 150 years of innovation. We intend to use our combined resources to drive new investments that create solutions for the continuously evolving needs of our customers,” said Manish Bhandari, CEO, Current. “The values and customer-centric culture of the Hubbell C&I lighting business are well-aligned with Current. We look forward to welcoming the Hubbell C&I team.”
Together, the two businesses’ product and controls portfolios will be positioned to capture growth driven by continued conversion to LED and demand for connected light controls systems through the diversified go-to-market channels.
Closing is expected to take place in the first quarter of 2022, subject to regulatory approvals and other customary conditions.