GE Completes Converteam Acquisition
GE has completed its US$3.2 billion (€2.2 billion) acquisition of Converteam, a provider of power conversion and automation systems and power electronics, motors and generators. Converteam’s products allow customers in a variety of industries to replace or improve mechanical processes with electric alternatives that deliver better reliability, less maintenance and lower emissions, according to the company.
Converteam’s portfolio includes variable frequency drives and other power electronics, advanced motors and generators, as well as industrial automation and controls. Converteam’s products are widely used in the renewable energy sector, turning intermittent and variable power from solar, wind and tidal sources into the power required by grid operators throughout the world. As part of the growing trend of electrification in the oil and gas industry, its technologies are used to drive mission critical customer equipment in the production and transportation of hydrocarbons. Converteam also offers a broad range of automation and control systems that allow customers to optimize their production processes in the metals, mining and other industries, GE said.
The Converteam purchase completes US$11 billion (€7.7 billion) in recent acquisitions by GE Energy that have broadened the company’s reach across the energy landscape. In the last nine months, GE Energy has completed the acquisition of Dresser, Inc; Wellstream Holdings plc; Lineage Power; Well Support (from John Wood Group); and Converteam.
Headquartered in Massy, France, Converteam’s 5500 employees operate across 80 countries with expertise in six vertical sectors: renewables, power generation, oil and gas and offshore, marine, industry and services.
For more information: www.ge.com