GE completes Converteam acquisition
GE has successfully completed $3.2 billion acquisition of Converteam, a provider of power conversion and automation systems and power electronics, motors and generators.
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 high quality and reliable 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.
The Converteam purchase completes $11 billion in recent acquisitions by GE Energy. 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 plc); and Converteam.
The Converteam acquisition further expands GE’s position in the multi-sector energy efficiency, electrification and automation industry, which was valued at more than $30 billion in 2010.
Headquartered in Massy, France, Converteam’s 5,500 employees operate across 80 countries with expertise in six key vertical sectors: renewables, power generation, oil and gas and offshore, marine, industry and services.
