General Electric has completed its $10.6 billion acquisition of Alstom Power, which joins the global conglomerate's GE Power & Water Group to form GE Power. "The completion of the Alstom power and grid acquisition is another significant step in GE's transformation," says GE Chairman and Chief Executive Officer Jeff Immelt. "The complementary technology, global capability, installed base and talent of Alstom will further our core industrial growth." GE Power will be based in Schenectady, N.Y., under the leadership of President and CEO Steve Bolze.The group includes more than 65,000 employees in more than 150 countries, with an estimated $30 billion in revenue. The group will be divided into six businesses: Power Services in Baden, Switzerland; Gas Power Systems in Schenectady; Steam Power Systems in Baden; Distributed Power in Jenbach, Austria; GE Hitachi Nuclear Energy in Wilmington, N.C.; andWater & Process Technologies in Trevose, Pa. GE reached an agreement with Alstom in 2014 to purchase the Paris-based corporation's power and grid business, and this represent the largest industrial acquisition in GE's history.
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