GE To Buy Converteam In $3.2B Deal
NEW YORK (AP) - General Electric Co. said Tuesday it plans to buy a 90 percent stake in French electrical equipment developer Converteam in a deal GE values at $3.2 billion.
Converteam designs high-efficiency systems that reduce energy consumption and greenhouse gas emissions. It serves a variety of industries including offshore and onshore oil and gas, power generation, wind and solar energy.. GE says said it will plans to use Converteam's expertise to serve high-growth regions in Brazil, Russia, China, India and the Middle East.
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