|Market Research A to Z | Company Profiles A to Z | Register | Contact Us | Shopping Basket|
|+44 (0) 203 086 8600 Call us on|
US-based conglomerate GE said Tuesday that it had struck an agreement to acquire 90 percent of Converteam, a leading provider of electrification and automation equipment and systems, for $3.2 billion.
GE has agreed to acquire Converteam from a controlling shareholder group that includes management, Barclays Private Equity and LBO France.
The deal is backed by Converteam's management team and employee groups and is anticipated to close during the third quarter of the year, pending customary closing conditions.
Converteam's solutions enable its customers in a variety of industries to change or improve mechanical processes with high-efficiency electric alternatives that deliver higher reliability, less maintenance and reduced emissions.
Converteam's portfolio includes drives and other power electronics, advanced rotating machines, generators and controls that when integrated address critical customer needs across industries.
GE said in a statement that the multi-sector energy efficiency, electrification and automation industry, in which Converteam participates, was valued at over $30 billion in 2010 and is growing at rates above global GDP growth.
GE and Converteam have agreed that GE will purchase the outstanding 10 percent in Converteam over the next two to five years from senior management.
Converteam, which is based in Massy, France, operates across six vertical sectors: offshore oil and gas, power generation, wind and solar renewables, industrial, marine and services.
Author: Justin Cole, analyst.
Free Research Support: Let us do the work for you and find information from public and private sources of information. Contact us now and we can save you time and money.......Free Research Support
Use our skills and global network of researchers and consultants to help find and source the business information you need.
Contact us now on 00 44 (0) 203 0868600 or "enquiries @ companiesandmarkets.com" to discuss you requirements and we can provide you with a research solution at suprisingly efficient rates and timelines.
Sometimes we can even find the information you require for free.
We are offering our clients substantial savings on the best research available during April. Please contact us either via email or by calling our team to discuss your specific research needs on Tel: 00 44 (0) 203 0868600.