WEG Acquires Electric Machinery
WEG S.A. has signed an agreement with GE Energy to acquire the Electric Machinery unit of Converteam. The acquisition is expected to close before the end of the year subject to customary closing conditions and approval by the U.S. Department of Justice. Financial terms were not disclosed.
WEG’s acquisition of Electric Machinery follows the acquisition of Converteam by GE on Sept. 2. As part of the merger review process prior to the acquisition, GE agreed with the U.S. Department of Justice to divest the Electric Machinery unit of Converteam after closure.
Electric Machinery, founded in 1891 and based in Minneapolis, Minnesota, U.S.A., custom designs and manufactures motors, generators and brushless exciters that serve thousands of customers worldwide primarily in the oil & gas and power generation industries. The business also provides a complete range of aftermarket services including installation, field support, parts, repairs, upgrades, stator rewinds, high-speed balancing and technical support.
EM has an installed base of more than 5500 units in operation. Revenues in 2011 are estimated to reach US$56 million.
For more information: www.weg.net