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GE seals €1.5 billion LM Wind Power turbine blade deal
- 7 years ago (2017-04-25)
- David Flin
GE has completed its €1.5 billion purchase of LM Wind Power, the Danish wind turbine technology company. The deal was first announced last autumn, and has since won regulatory approval in the EU, US, China, and Brazil. GE said that the deal would provide its renewable energy division with new turbine blade design and manufacturing capabilities. It added that the move would be accretive to GE earnings in 2018.
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Jérôme Pécresse, President and CEO of GE Renewable Energy, said: “The 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’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.”
GE said LM Wind Power would continue to operate as an individual operating unit, providing blades to GE’s onshore and offshore wind turbine projects, and to the wider wind industry. GE added that it has “established protocols and safeguards to protect customers’ confidential data.”