GE Power Systems Signs Agreement to Acquire PII Group Ltd.Business Editors ATLANTA--(BUSINESS WIRE)--Jan. 16, 2002 GE Power Systems announced today that it has signed a definitive agreement to acquire PII See Pentium II. Group Ltd., formerly Pipeline Integrity International, from HgCapital. Based in the United Kingdom, PII is the global leader in pipeline in-line In-line Used in the context of general equities. (1) An order or market in a specific security within the inside market; 2) any announcement (earnings) that adheres closely to Wall Street analysts' expectations. inspections and integrity management services for the oil and gas industry. Financial terms of the deal were not disclosed. PII uses in-line inspection tools to gather and assess data to determine the condition of a pipeline. This data is used to optimize optimize - optimisation pipeline utilization, maintenance and repair service. GE Power Systems continues to expand its service presence in the oil and gas industry to offer fully integrated solutions focusing on customers' asset optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. and technology needs, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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. "This is an extremely important step in building a broader and stronger platform to better serve our global oil and gas customers," said Rice. In 1998, HgCapital acquired PII from British Gas British Gas is the name of several companies
"PII has been an excellent investment for us. GE Power Systems is the perfect fit for PII and will ensure that the business maintains its leading market position," said Frances Jacob, managing director of HgCapital. "GE Power Systems is the perfect new parent for PII and we are looking forward to the next stage of our company's development under GE's ownership," said Tony Powell For the English footballer, see Tony Powell (footballer) Tony Orlando Powell (born 22 December 1972 in St Catherine, Jamaica) was a Jamaican cricketer. He played 42 first class and 38 List A matches as a left-handed batsman and a right-arm medium fast bowler. , CEO of PII. "Our customers are always our number one priority and this new partnership will provide our customers with a continued focus on quality and a wider portfolio of services and technology." PII is headquartered in Cramlington, Newcastle UK and has 775 employees worldwide. 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. The business has the largest installed base of power generation equipment in the global energy industry. 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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