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GE Energy Completes Acquisition of Lineage Power

Source: www.gulfoilandgas.com 3/2/2011, Location: North America

GE announced it has completed the acquisition of privately-held Lineage Power Holdings, Inc., from The Gores Group, LLC. Lineage Power is a leading global provider of high-efficiency power conversion infrastructure technology and services for the telecommunications and datacenter industries. The acquisition positions GE Energy technology to be deployed in the $20 billion per year power conversion space, where the demand for reliable, high quality power is driven by the growth in cloud computing and mobile internet voice, video and data applications.

"The acquisition of Lineage Power provides a foundation for GE to build a platform to help the global technology sector optimize energy efficiency, with end-to-end solutions for datacenters and telecom facilities and the networking, computing and data storage devices within them, " said Luis Manuel Ramlrez, president and CEO, GE Energy, Industrial Solutions. “GE values the Lineage Power employees who will be joining us as part of this acquisition. Their expertise was an important factor in the decision to acquire this business."

Craig Witsoe, president of Lineage Power, said, "Joining GE will enhance our company's resources to provide best-in-class energy technologies to our telecommunications and data communications customers. Our leadership in high-efficiency power conversion solutions has positioned us to serve the explosive growth in mobile internet demand driven by 3G and 4G/LTE wireless networks that enable the Amazon® Kindle™, Apple® iPhone® and iPad™, Google® Android™ smart phones and other mobile devices. We also are bringing to GE exciting new solutions for high-efficiency datacenter architecture, data storage and cloud computing. Rooted in our Bell Labs heritage, our employees have built an innovative and customer-centric company. We look forward to building upon our foundation of technology leadership and strong, long-term customer relationships with GE."

GE also expects collaboration between the research and development teams to address joint opportunities in the battery, datacenter, electric vehicle and renewable energy segments.

Lineage Power had revenues of approximately $450 million in 2010. Lineage Power is headquartered in Plano, Texas, and has nearly 2,300 employees, with manufacturing operations in China, Mexico and India.

The deal is the latest in a series of announcements that will expand GE's $40 billion energy portfolio of solutions for customers in vital industries. In February 2011, GE announced the completion of its acquisition of Dresser Inc., a Dallas-based energy infrastructure company.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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