GE has completed the acquisition of Converteam for $3.2 billion. Converteam is a provider of automation and power conversion systems and high-productivity motors, generators and power electronics. Its solutions allow customers to alter existing mechanical processes with superior-efficiency electric alternatives that render better consistency, lower emissions and less maintenance.
The acquisition supports GE Energy’s dedication to form a center of merit for power conversion technology that is modeled to kindle growth opportunities for its businesses. The addition of Converteam is an enhancement to the existing potential of GE Energy in energy conversion, process efficiency and industrial automation.
The product line of Converteam contains various frequency drives and other advanced generators, motors and power electronics, besides industrial mechanization and controls. The products of Converteam are generally utilized in the renewable energy domain, changing variable and intermittent power from wind, solar and tidal sources to reliable and quality power needed for grid operators worldwide. Converteam’s technologies, as part of the increasing trend of electrification in the gas and oil industry, are utilized to power mission critical customer systems used in the manufacture and transportation of hydrocarbons. Converteam also provides a wide range of control and automation systems that enable optimization of customers’ manufacturing processes in the mining, metal and other industries.
With the Converteam purchase, GE Energy’s recent acquisitions reach $11 billion. The Converteam acquisition extends the position of GE in the multi-sector energy capability, automation and electrification industry.