GE Power today announced it has completed the $250 million acquisition of the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction. Originally announced in May, the Doosan acquisition will help GE Power meet growing demand for its combined-cycle power plant solutions, which utilize HRSG technology.
“Today, we welcome Doosan Engineering & Construction’s HRSG business as the newest member of the GE Power family, following a longstanding partnership with both GE and Alstom,” said Joe Mastrangelo, president and CEO of GE’s Gas Power Systems. “As we expand demand for our HA gas turbines and efficient combined-cycle solutions, a critical part of having the best integrated offering includes Heat Recovery Steam Generators (HRSGs) that enable better plant performance and cost. This acquisition brings expanded leadership in engineering, equipment and infrastructure to our portfolio and positions us to be a global leader in HRSG.”
Korean-based Doosan Engineering & Construction HRSG has been a supplier to both GE and Alstom and has a long history as an Alstom licensee. The company will now be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
Doosan’s Korean employees and the company’s facility in Changwon, Korea have been transferred to GE. Transactions in Vietnam are expected to close early next year, pending regulatory approvals.