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France

France

GE acquires Converteam for $3.2 billion

UNITED STATES: GE Energy has acquired a majority stake in French component manufacturer Converteam for $3.2 billion.

In terms of wind energy, the purchase gives GE access to Converteam’s drive-train and generator technology.

The remaining shares in the company will belong to the Converteam’s management. Under the deal, GE will purchase these shares over the next two to five years.

GE’s acquisition of Converteam follows February’s purchase of tower manufacturer WTS.

Speaking about the Converteam acquisition, GE 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."

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