GE acquires Converteam for US$ 3.2 billion
GE has acquired Converteam for US$ 3.2 billion. ConverteamdzԹs solutions enable customers in a variety of industries to replace or improve mechanical processes with high-efficiency electric alternatives that deliver better reliability, less maintenance and lower emissions. ConverteamdzԹs addition also complements GE EnergydzԹs existing capabilities.
ConverteamdzԹs portfolio includes variable frequency drives and other power electronics, advanced motors and generators, as well as industrial automation and controls. ConverteamdzԹs products are widely used in the renewable energy sector, turning intermittent and variable power from solar, wind and tidal sources into the high quality and reliable power required by grid operators throughout the world.
The Converteam purchase completes US$ 11 billion in recent acquisitions by GE Energy that have broadened the companydzԹs reach across the energy landscape.
GE also believe that CoverteamdzԹs expertise and geographical reach will enhance GEdzԹs ability to bring localised solutions to fast growth regions, including Brazil, Russia, China, India and the Middle East.
dzԹThe complementary capabilities of GE and Converteam will create a winning platform for success,dzԹ said Pierre Bastid, president and CEO, Converteam. dzԹGEdzԹs brand and reputation as an engineering and technology provider are unmatched. 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 customersdzԹ needs.dzԹ
Read the article online at: /business-news/05092011/ge_acquires_converteam_for_3-2_billion_dollars/
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