Shelton-based manufacturer Hubbell Inc. announced this week it has reached an agreement to sell its commercial and industrial lighting business to GE Current, a Daintree company, for $350 million cash.
GE Current, which is based in Ohio, designs, manufactures and sells LED lighting and controls.
Gerben Bakker, chairman, president and CEO for Hubbell, said the transaction will enable Hubbell to focus on its other product areas.
Hubbell Inc. reported 2020 revenues of $4.2 billion. Its main product categories include lighting/controls, wiring/electrical, power/utilities and data/communications. Hubbell’s lighting business is based in South Carolina.
“We are confident that (GE) Current is the right strategic partner for the business, and that the combination of these two leading businesses with complementary product portfolios will be a win for customers, channel partners, employees and shareholders,” Bakker said, in an announcement.
The deal is still subject to required regulatory approvals, and it is expected to be finalized in the first quarter of 2022.
Manish Bhandari, CEO for GE Current, said the deal will combine “two leading companies with over 150 years of innovation.” GE Current is seeking to grow and expand, including through mergers and acquisitions, he said.
After the closing, GE Current and Hubbell will continue to maintain their distinct lighting product brands.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
