In case you missed it, General Electric (NYSE:GE) announced Nov. 2 that it has completed its Alstom Power acquisition.
GE Power & Water and Alstom Power have combined to form GE Power. Headquartered in Schenectady, New York, Steve Bolze, will serve as president and CEO of GE Power, leading more than 65,000 employees in over 150 countries with estimated revenue of $30bn, according to a news release.
“We now offer utility and industrial power plant operators even more complete, customized ‘one-stop shop’ solutions—not just for developing new stations but also optimized life cycle support for existing facilities to support local energy security,” Bolze said.
“Our portfolio of technologies include the world’s largest and most efficient gas turbine—the HA, full power plant components, boilers, steam turbines, reciprocating engines and more,” Bolze said. “Being a digital industrial business, we also offer digital and software solutions, specifically our Digital Power Plant, which helps our customers increase output, improve efficiency, lower operating costs, improve integration of renewable energy and reduce unplanned downtime,” said the GE Power official.
GE Power six businesses and line of leadership:
•Power Services headquartered in Baden, Switzerland, and led by Paul McElhinney.
•Gas Power Systems headquartered in Schenectady and led by Joe Mastrangelo.
•Steam Power Systems headquartered in Baden, Switzerland, and led by Andreas Lusch.
•Distributed Power headquartered in Jenbach, Austria, and led by Lorraine Bolsinger.
•GE Hitachi Nuclear Energy headquartered in Wilmington, North Carolina, and led by Jay Wileman, succeeding Caroline Reda who will now head up Power Services’ North America region.
•Water & Process Technologies headquartered in Trevose, Pennsylvania, and led by Heiner Markhoff.
More recently, on Nov. 12, the company reported that Michael Chanatry, 55, was appointed vice president of supply chain for Power Generation Products – GE Power. Chanatry joined GE in 1983 and has held leadership roles in GE Aerospace, GE Aviation and GE Appliances. Most recently at GE Appliances he served as general manager for supply chain, and prior to that worked as the supply chain leader at Aviation Systems. Chanatry holds a bachelor’s degree in business management from Niagara University, Niagara, NY.
As for Alstom, it is now “a global player fully focused on transport.” Its website notes that the company’s transportation footprint ranges from high-speed trains to metros and tramways – and their maintenance and modernization.
“We managed to secure a win-win deal with General Electric, which protects the interests of employees and customers in the Energy businesses, while reinforcing Alstom’s positioning in the transport industry,” Alstom Chairman and CEO Patrick Kron said in a statement upon the closing.
The European Commission and the US Department of Justice approved the transaction between Alstom and General Electric on the 8th September 2015.
The multi-billion-dollar agreement for GE to acquire most of Alstom’s energy business was announced in June 2014. The parties have slowly been making progress with regulators in the United States and Europe.
The value of the transaction has since fallen from an estimated $13.5bn in early 2014 to roughly $9.5bn now, on account of joint energy ventures announced last year, changes in the deal structure, price adjustments for the remedies and net cash at close, according to the Wall Street Journal.