GE Power Systems Signs Agreement to Acquire Enron's Wind Business.Business Editors ATLANTA--(BUSINESS WIRE)--Feb. 20, 2002 GE Power Systems announced today it has signed a definitive agreement to acquire certain assets of Enron Wind Corp., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Enron Corp. and a global manufacturer of wind turbine generators. This transaction, which is subject to regulatory and Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approval, is expected to close in April 2002. Enron Wind is a pioneer in wind power generation with manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in the US, Germany and Spain. Headquartered in Tehachapi, California Tehachapi (IPA: /təˈhætʃəpi/) is a city incorporated in 1909 located in its namesake Tehachapi Mountains between Bakersfield and Mojave in Kern County, California. , Enron Wind has 1,600 employees worldwide. With fully integrated wind power capabilities, Enron Wind offers power plant design, engineering and site selection, operations and maintenance services. "The acquisition of Enron Wind represents GE Power Systems' initial investment into renewable wind power, one of the fastest growing energy sectors," said John Rice, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of GE Power Systems. The wind energy industry is expected to grow at an annual rate of about 20 percent, with principal markets in Europe, the US and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . "This acquisition will broaden the environmentally friendly, power generation options available to our customers," noted Rice. "Customers looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a renewable power alternative will now be able to acquire that solution from GE. Adding the global resources of Enron Wind clearly reaffirms our on-going commitment to providing clean energy technology for the 21st century." As a result of many technology improvements, today there are larger, more efficient wind power systems available that are comparable to larger size power generation alternatives, from a power cost perspective. Enron Wind's advanced technology has played a key role in the development of large turbines for on-shore and off-shore applications. About GE Power Systems GE Power Systems (www.gepower.com) is one of the world's leading suppliers of power generation technology, energy services and management systems with projected 2001 revenues exceeding $20 billion. GE Power Systems provides equipment, service and management solutions across the power generation, oil and gas, distributed power and energy rental industries. |
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