ACHRNEWS

Sept. 20, 2011: GE Energy Completes Deal to Acquire Converteam

September 20, 2011
ATLANTA — GE has announced the successful completion of GE Energy’s $3.2 billion acquisition of Converteam, a leading provider of power conversion and automation systems and high-efficiency 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 the intermittent and variable power from solar, wind, and other alternative energy sources into the power required by grid operators.

Regarding the acquisition, GE noted that approximately 25 percent of the world’s 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 motors, said the company, 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.

“The complementary capabilities of GE and Converteam will create a winning platform for success,” said Pierre Bastid, president and CEO, Converteam. “GE’s brand and reputation as an engineering and technology provider are unmatched. Converteam brings a team of experts with deep domain knowledge in power conversion, equipped with a strong entrepreneurial mindset and unique technological expertise aligned to customers’ needs.”

Headquartered in Massy, France, Converteam’s 5,500 employees operate across 80 countries.

For more information, visit www.ge.com.

Publication date: 09/19/2011