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GE plans to capture more wind with LM Wind Power acquisition


October 11, 2016
By Renée Francoeur


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October 11, 2016 – GE has announced it intends to purchase LM Wind Power, a Denmark-based manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion, noting this deal will in-source wind turbine blade design and manufacturing for GE’s Renewable Energy business.

“We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity,” said Jérôme Pécresse, president and CEO of GE Renewable Energy. “With our combined global footprint, we can build flexible solutions for customers around the world. This combination will help sustain growth in the wind power industry.”

Today, GE is not producing blades and LM Wind Power is its largest blade supplier. Since 1978, LM Wind Power says it has produced more than 185,000 blades, corresponding to approximately 77GW of installed wind power capacity.
 
LM Wind Power’s global manufacturing footprint includes 13 factories located on four continents in eight countries, including Canada.
 
GE expects to close the transaction in the first half of 2017 and then intends to operate LM Wind Power as a standalone unit within GE Renewable Energy. GE notes it will retain the ability to source blades from other suppliers and LM Wind Power will continue to be led by its existing management team and be headquartered in Denmark.