GE completes acquisition of Doosan Heat Recovery Steam Generator business
August 16, 2016 By Renée Francoeur
August 16, 2016 – GE Power announced it has completed the acquisition of the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction for $250 million.
Originally announced in May, GE Power says the acquisition will help meet the growing demand for its combined-cycle power plant solutions—which utilize HRSG technology—and continue to expand its customer offerings.
“Today, we welcome Doosan Engineering & Construction’s HRSG business as the newest member of the GE Power family, following a longstanding partnership with both GE and Alstom,” said Joe Mastrangelo, president and CEO of GE’s Gas Power Systems. “As we expand demand for our HA gas turbines and efficient combined-cycle solutions, a critical part of having the best integrated offering includes Heat Recovery Steam Generators (HRSGs) that enable better plant performance and cost.”
Doosan, established in 1977, has three manufacturing facilities, one in Korea and two in Vietnam, and over 1400 employees specializing in engineering, project management and manufacturing. The company has also been a supplier to GE and a long-term licensee of Alstom technology until 2007, according to GE.
With the announcement, Korean Doosan E&C HRSG employees and the facility in Changwon, Korea have been transferred to GE. GE says transactions in Vietnam are expected to close by Q1 2017 pending regulatory approvals.
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