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GE Power Systems acquires Kvaerner Power Equipment Co Ltd in China.

NORDIC BUSINESS REPORT-5 February 2003-GE Power Systems acquires Kvaerner Power Equipment Co Ltd in China(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com

The US power generation equipment supplier GE Power Systems said on Tuesday (4 February) that it had acquired 90% of the share capital of Kvaerner Power Equipment Co Ltd (Kvaerner Hangfa) in Hangzhou in China.

The shares were sold by Norway's Kvaerner Energy AS (61%) and the state-owned Chinese company Hangzhou Electric Equipment Works (29%) for an undisclosed consideration.

Hangzhou Electric Equipment Works will remain a minority shareholder with a 10% stake in the company.

Kvaerner Hangfa manufactures hydropower equipment and has some 600 employees.

The company will continue operations under the new name GE Hydro Asia Co Ltd.

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:9CHIN
Date:Feb 5, 2003
Words:135
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