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GE Energy to acquire Converteam

Oilfield Technology,

GE Energy has entered into an agreement to acquire approximately 90% of Converteam, a leading provider of electrification and automation equipment and systems, from a controlling shareholder group for approximately US$ 3.2 billion.

Converteam's portfolio includes drives and other power electronics, advanced rotating machines, generators, and controls that when integrated address three critical customer needs across a range of industries.

It is hoped that GE's global reach and local expertise will improve Converteam's ability to serve customers in high growth regions such as Brazil, Russia, China, India, and the Middle East.

Pierre Bastid, President and CEO, Converteam said, “GE and Converteam complement each other superbly. As a long-standing partner, GE fully understands our business model and will add significant value by allowing our technologists to work within GE's tremendous network of researchers and engineers. In addition, we will expand our global footprint, extend our customer reach, and be able to tap into a world-class supply chain.”

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