GE to Acquire Metem
December 28 2015 - 9:50AM
Dow Jones News
General Electric Co. agreed to acquire privately-held Metem
Corp., in a deal that aims to bolster GE's competitiveness in
heavy-duty gas turbine engines.
Financial terms of the deal, expected to close in the first
quarter of 2016, weren't provided.
Metem is a provider of precision cooling hole manufacturing
technologies that enable turbine engines to function more
efficiently. GE, which has had a relationship with the New Jersey
company since the 1970s, is Metem's largest customer.
During November, GE completed its acquisition of Alstom SA's
power business, expanding GE's power business. The Metem deal aims
to help lower the overall cost base of products made by GE's power
unit.
GE is in the midst of a multiyear effort to return its focus
back toward heavy industrial manufacturing and away from financial
services.
It took more than 18 months and significant concessions for GE
to complete its $10.3 billion purchase of the energy assets of
Alstom SA, the company's largest acquisition ever and a huge bet on
the business of coal- and gas-fueled electricity-generating
turbines.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
December 28, 2015 09:35 ET (14:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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