GE Current delivers advanced lighting and intelligent controls to commercial and industrial customers and cities, among others.
Hubbell C&I, which did about $515 million in sales in 2020, provides professional lighting, lighting controls and connected lighting and offers a range of indoor and outdoor products for industrial, commercial and institutional applications.
Overall, Hubbell Inc. reported about $4.2 billion in 2020 sales and has more than 19,000 employees in 10 countries, including hundreds in Greenville. Chairman, president and CEO Gerben Bakker’s total compensation was $6.8 million in 2020 — 143 times the median of all other Hubbell employees — according to the latest annual report.
Once combined, the companies will see more innovation, offer greater service to their customers and bring more value to their employees and shareholders, company leaders said.
“Today’s announcement is a win for the industry, combining two leading companies with over 150 years of innovation. We intend to use our combined resources to drive new investments that create solutions for the continuously evolving needs of our customers,” said Manish Bhandari, CEO of Current. “The values and customer-centric culture of the Hubbell C&I lighting business are well aligned with Current. We look forward to welcoming the Hubbell C&I team.”
The companies will maintain separate agency networks with dedicated resources and distinct brands.
Hubbell brands include:
- Hubbell Outdoor Lighting
- Bryant
- Burndy
- Dualite
- Prescolite
- RigPower
Current brands include:
- Albeo
- Arize
- Daintree
- Lightgrid
- Proline
“This strategic transaction creates a more focused Hubbell portfolio with higher growth and margin characteristics and enables us to continue effectively executing on our core strategy of providing reliable and efficient critical infrastructure solutions for electrical and utility applications,” Bakker said. “We are confident that 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.”
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October 27, 2021 at 08:41PM
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Hubbell Inc. selling Greenville-based LED lighting division to GE Current - UPSTATE BUSINESS JOURNAL - Upstate Business Journal
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