Yet another General Electric business is up for sale. The conglomerate announced Tuesday that it is handing over its commercial LED making business Current to private equity firm American Industrial Partners.
GE's decision to sell its commercial lighting business comes merely three years after it was started to make LED technology, sensors, controls and software that were supplied to offices of companies like Walmart and JPMorgan Chase. As GE struggles with its shrinking earnings, it has been selling off several of its business units in recent times in order to reduce costs and raise enough cash to make good on its massive debt obligations. Previously this year, GE revealed plans to spin-off its healthcare segment, and agreed to sell its 111 year old rail business to locomotive company Wabtech.
On Tuesday, GE also completed the $3.25 billion sale of its distributed power segment to private equity company Advent International.