GE originally announced in April this year that it had agreed to acquire approximately 90% of the power conversion and automation systems provider from a controlling shareholder group that included management, Barclays Private Equity and LBO France.
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. 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. Converteam also offers a broad range of automation and control systems that allow customers to optimize their production processes in the metals, mining and other industries.
The Converteam purchase completes $11B in recent acquisitions by GE Energy that have significantly broadened the company’s reach across the energy landscape. 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.
“GE is thrilled by the growth opportunities that this acquisition brings. 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, GE vice chairman and president and CEO of GE Energy. “We are fortunate to have GE veteran Joe Mastrangelo to run the Converteam business.”
“The complementary capabilities of GE and Converteam will create a winning platform for success,” added 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 5500 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 company recently announced it had signed a contract with NARI Technology Development Company to supply Static Frequency Converters (SFC) for the 1500MW Liyang plant, the largest pumped storage power plant in China’s Jiangsu Province.
