GE Completes Acquisition of LM Wind Power

GE  announced that it has completed the acquisition of LM Wind Power. The completion of the transaction follows regulatory approval in the European Union, the United States, China, and Brazil.

LM Wind Power will be run as an individual operating unit within GE Renewable Energy, providing blades for both GE’s onshore and offshore wind business units. LM Wind Power will also continue to supply blades to the rest of the wind industry, having established protocols and safeguards to protect customers’ confidential data.

 In October 2016 GE reached an agreement with the private equity firm Doughty Hanson to purchase the company for €1.5 billion ($1.65 billion). The transaction in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore wind customers.

President and CEO of GE Renewable Energy, Jerome Pecresse said that the completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of their wind turbine business, which is the fastest growing segment of power generation. With LM’s technology and blade engineering, they are now able to improve the overall performance of their wind turbines, lowering the cost of electricity and increasing the value for our customers. Together, they are set to capitalize on the expansion of renewable energy and be a growth engine for GE.

Image Source: LM Wind Power