GE completes $3.2bn acquisition of Converteam

GE Energy (NYSE: GE) says it has completed the $3.2 billion acquisition of Converteam, a provider of power-conversion and automation systems and high-efficiency power electronics, motors and generators.

GE says the acquisition will allow the company to expand its capabilities for power-conversion technology and that Converteam complements GE Energy’s existing capabilities in energy conversion, industrial automation and process efficiency.

Converteam’s portfolio includes variable frequency drives and other power electronics, advanced motors and generators, as well as industrial automation and controls. The company’s products are used in the renewable energy sector, turning intermittent and variable power from wind, solar and tidal sources into reliable power required by grid operators throughout the world.

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