The company secured the regulatory nod from more than 20 countries including the European Union, U.S., China, India, Japan and Brazil, and has closed on its 9.7 billion euro, or US$10.6 billion, purchase of Alstom’s power and grid businesses.
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GE announced that with the completion of its Alstom acquisition, GE Power & Water and Alstom Power have combined to form GE Power, based in Schenectady, N.Y., with Steve Bolze as president.
The company said it expects the deal to generate 5 cents to 8 cents of earnings per share in 2016 and 15 cents to 20 cents by 2018. GE Power provides a diverse portfolio of technologies and suite of services that help make power more affordable, reliable and sustainable. “It’s 65,000, and we’re ready to step forward”. Mastrangelo will be head of Gas Power Systems, which will be based in Schenectady, along with the parent unit, GE Power.
GE’s shares were up about 1 percent at $29.17 in afternoon trading on the New York Stock Exchange.
GE and Alstom agreed to the deal in 2014.
In addition to the power and grid buy, GE has also completed the sale of its rail signaling business to Alstom for approximately $800 million.
Additionally, this morning the Department of Justice ruled against an antitrust settlement proposal from Electrolux and GE for a potential $3.4 billion acquisition of GE’s home-appliance business, MarketWatch reports.
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Alstom has recently won significant awards for metros in Sydney, Kochi, Riyadh, Paris; for signalling solutions for the Toronto greater area and Denmark; tram systems for Rio de Janeiro, Lusail and Sydney and suburban trains for South Africa.
