ATLANTA, Georgia – GE Energy has paid $3.2 billion to acquire Converteam.
As part of the growing trend of electrification in the oil and gas industry, its technologies are used to drive mission critical customer equipment in the production and transportation of hydrocarbons, said GE in the announcement. Converteam also offers a broad range of automation and control systems that allow customers to optimize their production processes.
“GE is thrilled by the growth opportunities that this acquisition brings,” said John Krenicki, GE vice chairman and president and CEO of GE Energy. “GE will heavily invest in new product developments to further expand our offerings in core segments such as metals and marine, while addressing increasing demand for high energy efficiency in oil and gas, thermal power generation and renewables. We are fortunate to have GE veteran Joe Mastrangelo to run the Converteam business.”