GE Buys Converteam

The acquisition will allow GE to bolster its offerings for clients in the gas, oil and electric energy sectors, along with solar, mines and metals.

GE said on March 29 that it was acquiring French group Converteam, which specializes in electrification and automation equipment, for $3.2 billion.

GE's energy division would acquire 90% of Converteam under a deal to be completed this year, with the remainder of the shares to be bought from management over the next two to five years for not more than $480 million.

The acquisition will allow GE to bolster its offerings for clients in the gas, oil and electric energy sectors, along with solar, mines and metals.

GE said the market for Converteam's products was worth some $30 billion in 2010 and was growing faster than the global economy.

Converteam has 5,300 workers and is present in 80 countries. Last year, its sales came to $1.5 billion, with orders up 36% compared with 2009.

Copyright Agence France-Presse, 2011

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