SCHENECTADY, N.Y. — GE Power, a division of GE, announced that it has signed a purchase agreement to acquire the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction (011160 KOSPI) for $250 million. 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.
“With the Alstom acquisition, we are now offering full power plant solutions and seeing an even greater demand for our highest-efficiency HA heavy-duty gas turbine plants,” said Steve Bolze, president and CEO of GE Power. “The Doosan Engineering & Construction HRSG acquisition will help us meet our forecasted growth and better manage costs by increasing our global manufacturing capacity and further complementing our existing HRSG technology. We’re also gaining a talent pool that is one of the best in the world.”
Doosan Engineering & Construction HRSG—Korean-based world leader in engineering, equipment and infrastructure—has been a trusted and reliable supplier to both GE and Alstom and has a long and proven history as an Alstom licensee. Upon completion of the sale, Doosan Engineering & Construction HSRG will be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
“We’re seeing HRSG demand that is more than double historical averages,” said Joe Mastrangelo, president and CEO of GE Gas Power Systems. “Our investment in Doosan Engineering & Construction HRSG will bring us cost-effective, vertically integrated manufacturing and engineering capacity that will allow us to be faster and better as we ramp to meet customers’ needs.”
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