Below is an email from Kevin Hefferman, Current General Manager, US & Canada. EdisonReport has learned that there are 5 key bidders, one of which is ABB.
“Key GE Partners,
As we continue to embark on the sale of both GE Lighting (consumer lighting business) and Current (commercial/professional lighting business to include non-LED lamps, ballasts, LED lamps, LED Fixtures and Daintree), I wanted to update our key partners with the latest information on the sale.
Since our last update, we received a number of first round non-binding bids (submissions closed on April 30th). Based on the first round bids, we have selected a number of bidders that will advance to the second round. Those businesses have been notified and provided access to our data room (effective May 4th) and have initiated due diligence. Throughout May and into early June, the GE leadership team will conduct management presentations. Although a deadline hasn’t been set, we expect submission of 2nd round binding bids to close on or about June 30th. From there, we will move to final negotiations with an anticipated signing date in September. Upon signing, we will announce publicly the buyer. Overall, we are on track with our earlier communicated timeline.
Those that attended LIGHTFAIR earlier this month, saw firsthand the extensive and continued investment we’ve made in expanding our lighting and controls portfolio.
Our Broadest Portfolio Yet
At the show, Current announced its broadest portfolio of new product releases, significantly expanding our retrofit, connected and specialized LED and controls offerings. The team showcased over 25 new products and solution enhancements at the event with 75% of the new indoor and outdoor products having digital capabilities. Check out the full release here and some of the top coverage from the week below.
|LEDs Magazine||Electrical Construction & Maintenance|
|Solid State Lighting Design||Market Watch|
Thank you for your continued support and please don’t hesitate to reach out to me directly if you have any questions, comments or concerns.
GM, US & Canada
Current, powered by GE “