GE has made an announcement that it has fully completed acquiring the power and grid businesses of Alstom. This is the largest industrial acquisition made by GE.
Largest Digital Industrial Business
GE is a very popular business organization that has been doing remarkably well in all the sectors that it has set its foot in. Now, GE Power has taken a big step to become the powerhouse of power and grid business by acquiring Alstom’s power and grid businesses in over 20 countries. This acquisition by GE Power also includes popular developed regions like the United States and the European Union as well as other developing countries like Japan, China, India and Brazil. This is the biggest ever industrial acquisition that General Electric Company has made in its illustrious business operations. GE Power will soon be a force to reckon with all over the world.
Agreement with Alstom
GE had reached an agreement about the buying of the power and the grid businesses of Alstom in 2014. This purchase is touted to be around €12.35 billion. This is a huge investment that General Electric is making in the power sector and is also the biggest industrial buying by GE so far. With this acquisition, GE will be entering into joint ventures for grid, renewable and nuclear energy. There are as many as 20 countries that will be benefited by this acquirement of Alstom by GE and the use of renewable energy for power generation are very high on the GE cards. Soon, you will see very good grid solutions and power generation in all the popular countries of the world that is associated with GE and Alstom power and grid businesses.
Significant for GE’s Transformation
The completion of the acquirement of Alstom power and grid businesses is considered to be a major achievement in the history of GE, according to its CEO, Jeff Immelt. This will help the company to completely transform into a major power and grid solutions provider. With the use of modern day technologies, installed bases, global power generating capacities and also the talent that Alstom has, the CEO is confident that GE will see huge industrial growth in the coming months. Jeff has also said that GE Power is ready to offer the best and most comprehensive technologies in the energy field for its dear customers. All this is happening despite news that GE Capital is all set to unwind its financial arm. You can read more about this in the earlier article on Why GE Finance is Wounded.
The customers who are going to reap the benefits of this new merger of Alstom and GE are those that would be part of the current projects like:
- New Jersey combined cycle power plant.
- Punjab, Pakistan Bhikki cycle power plant.
- Chempark heat and power project in Leverkusen, Germany.
- Exelon power project in Texas State.
The GE and Alstom combine has also successfully completed its 800 KV HVDC power transformation project in India for the Champa-Kurukshetra power project. It is also looking to come out with a combined cycle power project in Asia as well as for a clean coal project in the Middle East.