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Alstom welcomes General Electrics acquisition

By: Tom Russell 08/09/2015 Alstom

General Turbines Windfarms

Alstom welcomes the decisions of the European Commission (EC) and the Department of Justice (DOJ) authorising the acquisition of the activities of Alstom Energie by General Electric together with a number of commitments.These decisions conclude the constructive exchanges between the two groups and the authorities in recent months.

"While responding to the desire of the authorities to maintain the market competitive intensity, General Electric's commitments preserve the interests of employees, shareholders and Alstom customers "said Patrick Kron, CEO of Alstom.

In total twenty authorisations have already been granted, thus entering the final phase of the project. The finalisation of the operation is considered as soon as possible at the 4 th quarter 2015 and will be followed by a general meeting of shareholders which will decide on a public share buyback offer (OPRA). While giving energy future activities in General Electric and joint ventures will be formed, this operation according to Alstom will give them the opportunity to refocus on the rail market and to pursue an ambitious growth strategy.

Alstom's main scope of work includes the construction of train and automated metro around the world They also provide turnkey integrated power plant solutions and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind, and it offers a wide range of solutions for power transmission, with a focus on smart grids. The Group employs 88,000 people in around 100 countries. They have been involved with wind farm projects both onshore and offshore. In July this year Alstom alongside German-Dutch transmission system operator TenneT reached a key milestone in the North Sea offshore grid connection project - ‘Dolwin3’. Two 700 MVA power transformers were successfully delivered and installed on the platform based in the Warnemüde shipyard in Germany, operated by Nordic Yards. The transformers were designed and built by Alstom specifically for the DolWin3 converter project at its Mönchengladbach plant in Germany.

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Alstom welcomes General Electrics acquisition

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