GE completes acquisition of LM Wind Power
GE recently announced that it completed the acquisition of LM Wind Power, a Denmark-based technology developer and manufacturer of rotor blades for the wind energy industry.
The transaction in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business. LM Wind Power will be function as an individual operating unit within GE Renewable Energy
and supply blades to GE’s onshore and offshore wind business units as well as the rest of the wind industry.
The transaction received regulatory approval in the European Union, the United States, China, and Brazil. GE reached an agreement with the London-based private equity firm Doughty Hanson in October 2016 to purchase the company for $1.65 billion. The transaction will be accretive to GE earnings in 2018.
“With LM’s technology and blade engineering, we are now able to improve the overall performance of our wind turbines, lowering the cost of electricity and increasing the value for our customers,” Jérôme Pécresse, president and CEO of GE Renewable Energy, said. “Together, we are set to capitalize on the expansion of renewable energy and be a growth engine for GE.”
In the past year, GE deployed the first offshore wind farm in the United States, won its first offshore project in China, launched its onshore digital wind farm and digital hydro plant and developed hybrid projects in wind-solar and hydro-wind. GE partnered with LM Wind Power on the U.S. offshore wind farm project.
