I am pleased to announce that GE Current, a Daintree company has officially entered into an agreement to acquire the C&I Lighting business of Hubbell Incorporated. This is a major step in firmly establishing ourselves as a full-line manufacturer in the Lighting industry. This is consistent with our Operating Agenda and conversations related to organic and inorganic driven growth.
The public statement detailing the transaction is attached for your review. I, and the leadership team, look forward to adding more color, and answering your questions at an all-hands meeting at 10 AM EST, Tuesday. Note that the transaction is expected to close in 1Q 2022, and until such time all contact between the parties is completely prohibited unless specifically approved by the General Counsel, Inger Eckert. In the coming days, joint teams will be established under legal guidance to define plans and the next steps. In the meantime, please continue doing the same great work you do today.
As we work towards the transaction close, I would like to take a minute to recognize the efforts by the entire Current team through the pandemic that have made us a stronger company today and allowed us to take this important next step.
Please direct all media inquiries to Jim Benson.
Talk soon.
Manish
View the Q&A from the all employee broadcast.
Frequent Asked Questions
All media inquiries should be directed to Jim Benson or 216-534-4155.
We realize you have many questions, and we will share what we can at this time. As communicated in our recent press release, we expect the transaction to be completed in Q1 2022. Until that time, Current and Hubbell Lighting will continue to operate independently.
- What was announced and why?
GE Current, a Daintree company, has entered into a definitive agreement with Hubbell Inc. to acquire Hubbell’s commercial and industrial lighting business. By joining together, we will create a premier end-to-end lighting solutions business. Our combined scale, innovation and operational efficiencies will make our solutions even more competitive, creating significant value for our customers. - Who is GE Current, a Daintree company?
GE Current, a Daintree company enhances commercial, industrial, city and specialty applications with advanced lighting and intelligent controls. Working with our partners, we deliver the best possible outcomes for our customers. Current is the former Professional Lighting division of General Electric. You can learn more at www.gecurrent.com. - Who is Hubbell Lighting?
The Hubbell commercial and industrial lighting business, based in Greenville, South Carolina, is a trusted provider of professional lighting, lighting controls and connected lighting. The business offers a comprehensive range of indoor and outdoor lighting products to industrial and commercial applications. Hubbell commercial and & industrial has a strong collection of trusted brands including Area Architectural Lighting, Beacon, Lite Control, Kim, Columbia, Prescolite, Alera, Dual-Lite, Compass, Hubbell Outdoor Lighting, Hubbell Controls Solutions. - Why did Current buy the Hubbell C&I lighting business?
Both companies bring a rich history and unique expertise from different places in the industry, by bringing them together, we will be stronger.- Expanded footprint through their collection of brands, product portfolio and agent network
- Drive efficiency through increased scale
- Leverage our combined innovation and invest into our respective portfolios
- Ultimately, leverage our wide network of partners, infrastructure, best practices and continued investment in solutions to exceed customer expectations
- Will the name of the company remain the same?
For now, the companies will continue to operate independently. Eventually we will need to transition away from use of the “Hubbell” tradename, but at this time we have not made any decisions regarding what the legal entity or tradenames will be at that time. - How will the products be branded?
We plan to continue to invest in each companies’ strong brand equity of existing product lines and to minimize any confusion. However, a few product lines that have “Hubbell” in the name will be transitioned to an alternate brand name. - How will sales, marketing and customer support be handled for the new company?
In the near term and after closing, the companies will continue to operate independently. Specifically, we will maintain our separate agent networks and commercial organizations. We are committed to keep you informed of any changes as we move forward. - Are there any brands/product lines not coming with the acquisition?
Brands outside the scope of Hubbell’s commercial and industrial lighting business, including its residential lighting business, will remain with Hubbell Incorporated. The brands acquired in this acquisition with “Hubbell” in the name will be transitioned to an alternate brand name. - How many employees will the combined company employ?
When combined we will employ more than 3,000 employees globally. - Will you keep Nela Park or Greenville?
We will maintain a presence in Greenville and Cleveland as we plan to operate the companies independently and maintain our agent networks and commercial organizations. - When will the transaction be completed?
We anticipate the transaction being completed in 1Q2022. - How will Hubbell Commercial and Industrial Lighting and Current work together in the future?
Over the next several weeks, we will identify integration teams at each company that will focus on closing the transaction and planning for integration of the businesses. - How will this affect me as an employee of Current or the Hubbell C&I Lighting?
Until close, each business will continue to operate independently. You should continue to focus on delivering your respective business’ goals and objectives. After close, we look forward to welcoming Hubbell C&I lighting employees to the Current family as important members of a growing collaborative team committed to providing the highest-quality products to our customers. As a combined business, we will be able to invest in innovation, tools, and services to be a stronger lighting provider in the competitive lighting industry. - What should I know about Current’s culture?
Current is a culture driven by innovation, leadership, and customer-focused service. At Current, We Are Always…- Bold in Action: Always promoting the growth and development of our business, our products, and one another; embracing change and looking to the future.
- Outcome Driven: Always clear on our goals, removing obstacles and charting the path to make it happen.
- Doing Right: We never compromise the integrity of our actions to ensure healthy, fulfilling lives at work and in our communities.
- Can I start reaching out to my counterparts at Hubbell or Current?
No. The transaction has not been completed and is subject to regulatory approvals. Only the integration planning teams will be permitted to interact with each other. Hubbell and Current must continue to operate independently, and it is “business as usual;” until the transaction is closed. - What do I do if the media reaches out to me with a question?
Do not respond or answer any questions from the media. Forward all media inquiries to: Jim Benson, james.benson@gecurrent.com or 216-534-4155. Please refresh your knowledge of our social media policy in our Employee Handbook located in the HR Center. - Who do I talk to if I have a question?
All questions can be directed to Current.HR@gecurrent.com or your existing manager. - What about our Rebate programs?
We understand the importance of these programs, therefore, no changes will be made at this time. We will remain independent companies until the transaction closes.