GE COMPLETES ACQUISITION OF LM WIND POWER
GE the world’s leading Digital Industrial company, announced today that it has completed the acquisition of LM Wind Power, a Denmark-based technology developer and manufacturer of rotor blades to the wind industry. The completion of the transaction follows regulatory approval in the European Union, the United States, China, and Brazil. GE reached an agreement with the London-based private equity firm Doughty Hanson in October 2016 to purchase the company for €1.5 billion ($1.65 billion). The transaction in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore wind customers. The deal will be accretive to GE earnings in 2018.
LM Wind Power will be run as an individual operating unit within GE Renewable Energy, providing blades for both GE’s onshore and offshore wind business units. LM Wind Power will also continue to supply blades to the rest of the wind industry, having established protocols and safeguards to protect customers’ confidential data.
With this deal, GE continues to deepen its capabilities and ambitions in renewable energy. In the past year, GE has delivered the first offshore wind farm in the US, won its first offshore project in China, launched its onshore digital wind farm and digital hydro plant, and developed hybrid projects in wind-solar and hydro-wind.
GE’s goal is to deliver renewable energy projects locally that maximize electricity output while reducing the cost of electricity, bringing affordable, sustainable energy to the world and more value for its customers. (Source: LM Wind Power)