GE Completes Acquisition of Doosan

SCHENECTADY, N.Y.— GE Power, a division of GE, announced that it has completed the acquisition of the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction for $250 million. Originally announced in May, the Doosan Engineering & Construction HRSG acquisition will help GE Power meet the growing demand for its combined-cycle power plant solutions, which utilize HRSG technology, and continue to expand its customer offerings.

“Today, we welcome Doosan Engineering & Construction’s HRSG business as the newest member of the GE Power family, following a longstanding partnership with both GE and Alstom,” said Joe Mastrangelo, president and CEO of GE’s Gas Power Systems. “As we expand demand for our HA gas turbines and efficient combined-cycle solutions, a critical part of having the best integrated offering includes Heat Recovery Steam Generators (HRSGs) that enable better plant performance and cost. This acquisition brings expanded leadership in engineering, equipment and infrastructure to our portfolio and positions us to be a global leader in HRSG.”

Doosan Engineering & Construction HRSG—a Korean-based world leader in engineering, equipment and infrastructure—has been a supplier to both GE and Alstom and has a long and proven history as an Alstom licensee. Doosan Engineering & Construction HSRG will now be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.

For GE and customers, this new acquisition will bring:

• Capability: The acquisition brings immediate capacity for HRSG engineering and manufacturing.
• Flexibility: Well established in the supply chain ecosystem, Doosan Engineering & Construction HRSG has access to a highly efficient pool of specialized subcontractors to quickly and easily flex up or down GE’s capacity based on customer need.
• Value: A highly cost-competitive player, this team also will drive value across GE’s global manufacturing network with in-house design and manufacturing and significant synergies.

With this announcement, Korean Doosan E&C HRSG employees and the facility in Changwon, Korea have been transferred to GE. Transactions in Vietnam are expected to close by Q1 2017 pending regulatory approvals.