{"id":7998,"date":"2017-04-26T09:15:25","date_gmt":"2017-04-26T09:15:25","guid":{"rendered":"https:\/\/cleanenergyworld.net\/index.php\/2017\/04\/26\/ge-completes-1-65bn-acquisition-world-leading-manufacturer-turbine-blades\/"},"modified":"2017-04-26T09:15:25","modified_gmt":"2017-04-26T09:15:25","slug":"ge-completes-1-65bn-acquisition-world-leading-manufacturer-turbine-blades","status":"publish","type":"post","link":"https:\/\/cleanenergyworld.net\/index.php\/2017\/04\/26\/ge-completes-1-65bn-acquisition-world-leading-manufacturer-turbine-blades\/","title":{"rendered":"GE Completes $1.65bn Acquisition Of World Leading Manufacturer Of Turbine Blades"},"content":{"rendered":"

GE<\/a>; the world\u2019s leading Digital Industrial company, announced today that it has completed the acquisition of LM Wind Power<\/a>, a Denmark-based technology developer and manufacturer of rotor blades to the wind industry. The completion of the transaction follows regulatory approval in the European Union, the United States, China, and Brazil.<\/p>\n

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GE reached an agreement with the London-based private equity firm Doughty Hanson<\/a> in October 2016 to purchase the company for \u20ac1.5 billion ($1.65 billion). The transaction in-sources wind turbine blade design and manufacturing for GE\u2019s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore wind customers. The deal will be accretive to GE earnings in 2018.<\/p>\n

J\u00e9r\u00f4me P\u00e9cresse, President and CEO of GE Renewable Energy<\/a>, said, \u201cThe completion of the LM Wind Power acquisition provides us with the operational efficiencies necessary to support the growth of our wind turbine business, which is the fastest growing segment of power generation. With LM\u2019s 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. Together, we are set to capitalise on the expansion of renewable energy and be a growth engine for GE.\u201d<\/p>\n

Marc de Jong, CEO of LM Wind Power, said, \u201cLM Wind Power has had a long-standing partnership with GE that has yielded many innovations and commercial successes, including the installation of the first-ever offshore wind farm in the United States. We see many digital and advanced manufacturing technology capabilities that will help accelerate our technology development and increase our customer reach.\u201d<\/p>\n

LM Wind Power will be run as an individual operating unit within GE Renewable Energy, providing blades for both GE\u2019s 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\u2019 confidential data.<\/p>\n

With this deal, GE continues to deepen its capabilities and ambitions in renewable energy. In the past year, GE has delivered the first offshore wind farm in the US, 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.<\/p>\n

GE\u2019s goal is to deliver renewable energy projects locally that maximise electricity output while reducing the cost of electricity, bringing affordable, sustainable energy to the world and more value for its customers.<\/p>\n

GE Renewable Energy is a $10 billion start-up that brings together one of the broadest product and service portfolios in the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power, GE Renewable Energy has installed more than 400+ GW capacity globally. With more than 12,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world\u2019s first digital industrial company. Its goal is to demonstrate to the world that energy can be affordable, reliable, and also sustainable.<\/p>\n

Image: Courtesy of LM Wind Power & GE Renewable Energy<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With a stated objective of insourcing of blade manufacturing to strengthen its supply chain and increasing competitiveness by delivering greater value, GE Renewable Energy has completed its $1.65bn acquisition of Danish LM Wind Power; one of the world\u2019s biggest producers of wind turbine blades, supplying not only GE\u2019s existing renewables business but also rivals such as Gamesa of Spain and Goldwind of China. The deal is the biggest since GE created a separate renewables arm and LM Wind Power is to continue supplying wind blades to all industry players.<\/p>\n","protected":false},"author":2,"featured_media":8008,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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