General Electric Co. announced plans to buy LM Wind Power for $1.65 billion from private equity firm Doughty Hanson.
The deal for the Denmark-based maker of rotor blades for wind turbines will bolster GE’s ability to serve the onshore and offshore markets, the Boston-based company said Tuesday in a statement. GE plans to operate LM Wind Power as a standalone business within the renewable-energy unit. Doughty Hanson has owned LM Wind Power since 2001.
“Increasingly, wind turbine innovation is driven by system design, materials science and analytics,” Jerome Pecresse, chief executive officer of GE Renewable Energy said in the statement. “We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity.”
The renewable-energy deal, which continues a string GE acquisitions across various businesses, bolsters an operation that has become a larger focus for the company. GE established a standalone renewables unit after closing the $10 billion acquisition of Alstom SA’s power business last year.
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Lead image credit: GE