GE announced on Sept. 2 it's purchase of Converteam, a provider of power conversion and automation systems and high-efficiency power electronics, motors and generators. Purchase price was $3.2 billion.
"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," said John Krenicki, CEO of GE Energy.
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.
Approximately 25% of the worlds electricity is used to power motors in a wide range of industries and applications. Converteam's high-efficiency products and systems are designed to materially reduce the electricity consumption of these industrial motors, leading to savings in energy consumption of up to one-third and bringing customers significant savings in terms of cost, energy intensity and greenhouse gas emissions.
Headquartered in Massy, France, Converteams 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.
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.
