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4/21/2017

GE Purchased the Danish Wind Turbine Blade Manufacturer LM Wind Power

GE signed the agreement to purchase the Danish LM Wind Power company for Euro 1.5 billion (USD 1.65 billion) in October 2016

One of the pioneering technology giants of the world, General Electric (GE), have purchased the Denmark based technology developer and wind turbine manufacturer LM Wind Power. Takeover was concluded upon approval by the regulatory bodies in the European Union, the USA, China and Brazil.

GE signed an agreement for the purchase of LM Wind Power for Euro 1.5 billion (USD 1.65 billion) with the London based private capital company Doughty Hanson in October 2016. After the takeover, design and manufacture of wind turbine blades will now be made under the GE Renewable Energy. LM Wind Power will continue providing both onshore and offshore services. Results of the agreement shall be reflected on the GE financial information in 2018.

GE Renewable Energy President and CEO Jérôme Pécresse stated that thanks to the advanced technology and blade engineering provided by LM, they will be able to improve the general performance of the wind turbines and added that “This will in turn allow us to reduce electricity costs and offer more value to our clients. With this purchase we will become a pioneer of the renewable energy development and driving force behind growth of GE.”