GE is planning to acquire LM Wind Power, a manufacturer of wind turbine blades to the tune of $1.65B.
According to the press release: The transaction is subject to customary regulatory and governmental approvals and GE expects to close the transaction in the first half of 2017.
President and CEO of GE Renewable Energy, Jérôme Pécresse said, “Increasingly, wind turbine innovation is driven by system design, materials science, and analytics — all elements of the GE Store. We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity. With our combined global footprint, we can build flexible solutions for customers around the world. This combination will help sustain growth in the wind power industry.
“The acquisition of LM Wind Power, a leading supplier to the wind industry, will help us deliver on that goal. Simply stated, we’ll be more local, have more flexibility and knowledge in turbine design and supply, and more ability to innovate and reduce product costs, while improving turbine performance. We will also develop enhanced digital and services capabilities. All of which will be good for customers, competition in the industry, and the growth of wind power globally.”
CEO of LM Wind Power, Marc de Jong said “This deal will merge the speed and focus of LM Wind Power’s entrepreneurial culture with GE’s world-class engineering and operational capabilities. Our two organizations are highly complementary and the transaction positions us well to respond faster to customer needs and enhance performance of wind turbines to ultimately reduce the cost of energy. We look forward to working closely with the GE Renewable Energy team to accelerate our growth strategy and continue to deliver greater value to all our customers.”
LM Wind Power has a total of 13 factories in 8 countries, spanning 4 continents, in key wind power areas that will effectively serve customers now and in the future. The company itself will continue to be managed by the existing team and headquartered in Denmark.