Market Updates
GE to Acquire France Based Converteam for $3.2 Billion
Mukesh Buch
29 Mar, 2011
New York City
-
General Electric agreed to acquire 90% of Converteam based in France for $3.2 billion. The deal strengthens the company position in the alternative energy field.
[R]3:00 PM New York – General Electric agreed to acquire 90% of Converteam based in France for $3.2 billion. The deal strengthens the company position in the alternative energy field.[/R]
General Electric Co. agreed to acquire 90% of France based electric equipment maker Converteam for $3.2 billion. Converteam’s 2010 revenues were $1.5 billion and operating earnings of $239 million and GE expects operational synergies to produce $250 millions of savings in the next five years.
The company makes equipment that facilitates the transfer of electricity from the wind turbines to power grid and senior management will hold 10% in the company that could be sold to GE in the next five years for no more than $480 million.
Converteam employs 5,300 people and General Electric has 10,000 people on payrolls in France.
Annual Returns
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|