Latest news from Heavy Lift & Project Forwarding International Magazine

Alstom sells to GE

November 10 - Alstom has closed the sale of its energy activities to General Electric (GE) for approximately EUR12.4 billion (USD13.25 billion).

Consequently Alstom will now be entirely focused on its transport operations, having divested its power generation and grid activities.

The proceeds of the transaction will be used to acquire GE's signalling activities for around EUR700 million (USD748 million), as well as reinvest in three joint ventures with GE in the grid, renewable and French steam and nuclear fields for around EUR2.4 billion (USD2.56 billion).

Alstom says that due to its worldwide presence, as well as its complete range of solutions and constant innovation, it holds a leadership position in trains, services, systems and signalling, which has been reinforced by the acquisition of GE Signalling. This activity opens the signalling freight market to Alstom, while strengthening its presence in North America.

"We managed to secure a win-win deal with GE, which protects the interests of employees and customers in the energy businesses, while reinforcing Alstom's positioning in the transport industry," said Alstom chairman and ceo Patrick Kron.

According to GE, this is the company's largest-ever industrial acquisition. After reaching an agreement with Alstom in 2014, both parties have required regulatory approvals from over 20 countries and regions before closing the sale.

"The completion of the Alstom power and grid acquisition is another significant step in GE's transformation," said GE chairman and ceo Jeff Immelt. "The complementary technology, global capability, installed base, and talent of Alstom will further our core industrial growth."

GE confirmed that customers would realise an immediate benefit from the combination with Alstom, including in a number of current projects where GE and Alstom equipment has been procured. These include the New Jersey combined cycle power plant, PSEG Sewaren; Pakistan combined cycle power plant, Punjab Pakistan Bhikki; Texas power project Exelon Power Plants; and German combined heat and power project Chempark.

In addition, said GE, both parties are preferred bidders for a combined cycle plant project in Asia that would use two GE 7HA gas turbines, two Alstom HRSGs and one Alstom steam generator; while Alstom is the preferred bidder for Arabelle steam turbines in two UK nuclear reactors; the preferred bidder for boilers, steam turbines and generators a clean coal project in the Middle East; and has successfully delivered India's first 800 kV High Voltage Direct Current (HVDC) power transformer for the Champa-Kurukshetra project.

If any of HLPFI's readers have any opinions or comments on how this transaction will affect your business and the project forwarding market in general, please let us know at [email protected].

Heavy Lift | News

Zeaborn to take full control of Zeamarine thumbnail image

Zeaborn to take full control of Zeamarine

April 18 - The Zeaborn Group has signed an agreement to acquire the remaining shares in Zeamarine – the joint venture with Intermarine that was established in May 2018.
Views: 293
Panalpina improves profitability thumbnail image

Panalpina improves profitability

April 18 - In the first three months of 2019, Panalpina boosted its profitability by 15 percent compared to the same period of last year.
Views: 264
Wallem sets out strategy change thumbnail image

Wallem sets out strategy change

April 18 - Wallem has rebranded its corporate identity to reflect the company’s updated strategy and service offering. 
Views: 220

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.