GE Energy completes $3.2 billion Converteam acquisition 06 September 2011

Energy and automation systems giant GE has completed its $3.2 billion acquisition of Converteam, which specialises in power conversion, power electronics and electrical drive equipment.

John Krenicki, GE vice chairman, and president and CEO of GE Energy, says the acquisition furthers GE Energy's initiative to create a centre of excellence for power conversion technology, which will fuel growth for many of its businesses.

Converteam's products range from variable frequency drives to motors and generators, and industrial automation and controls. It specialises in the renewable energy sector, turning intermittent and variable power from solar, wind and tidal sources into high quality, reliable power for grid operators.

The purchase is GE's latest in an $11 billion spending spree in the last nine months, which has seen the corporation purchase Dresser, Wellstream Holdings, Lineage Power, Well Support and now Converteam.

"GE will heavily invest in new product developments to further expand our offerings in core segments such as metals and marine, while addressing increasing demand for high energy efficiency in oil and gas, thermal power generation and renewables," commends Krenicki.

"GE's brand and reputation as an engineering and technology provider are unmatched," states Pierre Bastid, president and CEO of Converteam. "Converteam brings a team of experts with deep domain knowledge in power conversion, equipped with a strong entrepreneurial mindset and unique technological expertise aligned to customers' needs."

Brian Tinham

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