GE Plans Acquisitions in German Energy Industry, Reimelt Says
General Electric Co. (GE), whose energy equipment provides more than a quarter of the world’s power, plans to make acquisitions in Germany as it seeks to grab market share from competitors including Siemens AG.
GE is focusing on energy-management businesses and companies involved in smart-grid software, Stephan Reimelt, chief executive officer of GE’s Energy Germany division, said today in an interview in Berlin, without identifying targets.
“We will invest, we will make acquisitions and we will want to place our entire product portfolio here in Germany,” Reimelt said. “There are several interesting, profitable and innovative mid-sized companies that could fit.”
GE made most of its acquisitions in Europe last year, led by the $3.2 billion purchase of Converteam, a French maker of power-conversion products. Germany, the region’s biggest power market, has announced plans to replace its nuclear reactors with fossil fuel-fired plants and renewable-energy capacity, and build 4,500 kilometers (2,800 miles) of new power lines.
GE will boost hiring in Germany and is spending 10 million euros ($12.8 million) to expand a research center in Garching near Munich, Reimelt said.
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