- NEW YORK: General Electric says it plans to buy a 90 percent stake in French electrical equipment developer Converteam in a deal GE values at $3.2 billion.
Converteam designs high-efficiency systems that reduce energy consumption and greenhouse gas emissions.
GE says it plans to use Converteam’s expertise to serve high-growth regions in Brazil, Russia, China, India and the Middle East.
The deal, which is expected to close during the third quarter, is the latest of $11 billion in acquisitions by GE.
GE also has acquired Dresser, Wellstream Holdings, Lineage Power Holdings and Well Support in the past six months.
Converteam employs 5,300 people and operates in 80 countries and posted pre-tax earnings of $239 million in 2010.