Powerful alliance! Another major acquisition is set to be finalized!

On October 26, 2021, GE Current, a Daintree company, announced that it had reached a final agreement to acquire Hubbell Incorporated's commercial and industrial (C&I) lighting business, aiming to build a world-class end-to-end lighting solutions business.

Headquartered in Greenville, South Carolina, USA, Hubbell C&I Lighting is a leading provider of professional lighting, lighting controls, and connected lighting, offering comprehensive indoor and outdoor lighting solutions for industrial, commercial, and institutional applications. Hubbell C&I Lighting features numerous trusted brands, including Area Architectural Lighting, Beacon, Litecontrol, Kim, Columbia, Prescolite, Alera, Dual-Lite, Compass, Hubbell Outdoor Lighting, and Hubbell Controls Solutions.

"Today's announcement is a victory for the industry, combining two leading companies with over 150 years of innovation experience. We intend to leverage the combined resources to drive new investments and create solutions for our customers' evolving needs," said Manish Bhandari, CEO of Current. "The values and customer-centric culture of Hubbell C&I Lighting align with Current. We look forward to welcoming the Hubbell C&I team."

According to the introduction, the product and control portfolios of the two companies will achieve growth through diversified IPO channels, as well as a continued shift toward LED and meeting the demand for connected lighting control systems.

Following the Acquisition, Current and Hubbell C&I Lighting will maintain independent agency networks, with dedicated resources and distinct brands. Both companies will be able to strengthen their respective product portfolios through innovation, leveraging best-in-class commercial tools and combined scale to improve efficiency.

In addition, according to a press release issued by Hubbell Incorporated, the cash acquisition price for this transaction is $350 million, subject to customary adjustments based on working capital and net debt.

According to available information, Hubbell Incorporated is a leading manufacturer of utility and electrical solutions, enabling customers to operate critical infrastructure reliably and efficiently. Its revenue in 2020 was $4.2 billion. The company's product portfolio covers lighting control, electrical wiring, power and utilities, and data communications. Hubbell Lighting is a core business of the Hubbell Group. Hubbell C&I Lighting designs, manufactures, and sells LED lighting and control solutions for commercial and industrial customers. With sales of approximately $515 million in 2020, it is a major lighting equipment manufacturer in North America.

Gerben Bakker, President and CEO of Hubbell Incorporated, stated: "This strategic transaction creates a more focused Hubbell portfolio with higher growth and margin characteristics, enabling us to continue effectively executing our core strategy of providing reliable and efficient critical infrastructure solutions for power and utility applications. We believe Current is the right strategic partner for this business, and the combination of these two leading businesses with complementary product portfolios will create a win-win for customers, channel partners, employees, and shareholders."

The transaction is expected to be completed in the first quarter of 2022, subject to regulatory approvals and other customary conditions.

About GE Current, a Daintree company:

Current enhances commercial and industrial facilities, cities, greenhouses, and other specialized applications through advanced lighting and intelligent controls. It collaborates with partners to deliver optimal results for customers. Current's trusted brands include Albeo, Evolve, Lumination, Arize, Daintree, Forum, Tetra, Trigain, 365DisInFx, Lightgrid, and Proline.

(Compiled and edited by China Light Network)