GE Enters Plan to Sell Hydro Business to PGC

GE signed a definitive agreement to sell GE Energy’s hydro business to Pescarmona Group of Companies (PGC), a multinational, privately held group with a focus on the hydro industry, in which it has been operating for 100 years through its company, IMPSA.

This sale includes GE Energy’s worldwide hydro business, but excludes GE’s hydro operations in Norway and Sweden. Terms of the agreement were not disclosed. The closing of the transaction is subject to customary conditions, including the receipt of regulatory approvals, and discussions with works councils and other third parties, and is expected to occur during the first quarter 2007. “We believe the sale of our hydro operations to PGC will position them to meet hydro customer needs, while structuring the operations for continued growth and stability over the coming years, and allow GE Energy to focus on other segments of the power generation industry,” said John Krenicki, President and CEO of GE Energy. “Through this acquisition, PGC enhances its position as a global player within the hydro industry, with presence and production facilities in North and Latin America, Europe and Asia,” said Enrique Pescarmona, Chairman, PGC.
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