GE Energy To Acquire Converteam
GE has announced it has entered into an agreement to purchase about 90% of Converteam, Massey, France, a provider of electrification and automation equipment and systems. GE is purchasing the company from a controlling shareholder group that includes management, Barclays Private Equity and LBO France for approximately US$3.2 billion. Converteam’s senior management will hold the remaining 10% stake in the company, while GE purchases the remaining shares over the next two to five years.
Converteam’s portfolio includes drivers and other power electronics, advanced rotating machines, generators and controls. The product range converts electricity into mechanical performance to power and control motion or industrial assets such as natural gas pipelines and gas gathering compressors; turns mechanical power into grid quality electricity in wind turbine, thermal power or hydro power installations; and adjusts electrical frequency to precise user requirements such as in solar power inverters.
Converteam operates across six markets, including offshore and onshore oil and gas, power generation, wind and solar renewables, industrial, marine and services. It employs 5300 in more than 80 countries.
John Krenicki, GE vice chairman and president and CEO of GE Energy, said, “High-efficiency, fully electric solutions represent a megatrend across the global energy landscape. Our customers in key industries increasingly demand more reliable, efficient and flexible solutions in order to improve their competitiveness. Converteam’s world-class people and energy efficient products and services connect a lot of pieces in our portfolio which will enable us to offer integrated solutions to our customers.”
For more information: www.ge.com