PARIS–(BUSINESS WIRE)–GE Energy (NYSE: GE), a world-leading supplier of power generation and
energy delivery technologies, today announced the next step in the
integration of its acquisition of Converteam by renaming the business
Power Conversion. Power Conversion’s technologies in process controls,
automation systems and high-efficiency power electronics, motors and
generators will enable the company to better meet the needs of customers
looking to improve operational efficiency and productivity.

“Power Conversion’s engineering expertise, systems focus and market
customization make it a differentiator in today’s market because GE can
scale its businesses and deliver new solutions to market faster than
current competitors”

The Power Conversion business will help GE maximize its deep domain
expertise and expand its presence in the fast-growing energy efficiency,
electrification and automation sector, which was valued at $ 30 billion
and is growing above global GDP.

“Today’s announcement is a significant milestone on our journey to
deliver our customers more value. We are combining our technology and
consultative offerings in systems integration to help the world’s
fastest growing energy and industrial sectors improve the efficiency and
profitability of their operations,” said Power Conversion CEO Joe
Mastrangelo. “Our strengths in these sectors will allow GE to lead by
managing the entire energy lifecycle, where our customers want us to
play a bigger role.”

Large industrial companies are replacing mechanical processes with
high-efficiency, customized electric alternatives that deliver better
reliability, require less maintenance and create lower emissions in
industrial processes. This mega-trend is called electrification, which
is expected to double over the next 20 years. One of the trend’s leading
drivers is the oil and gas industry, which is using electrical systems
to extract and transport natural gas more efficiently.

Approximately 25 percent of electricity produced globally is used to
power electric motors in a wide range of industrial applications. Power
Conversion’s solutions could help improve their energy efficiency by 30
percent, helping to reduce electricity consumption, energy intensity and
greenhouse gas emissions. Power Conversion, with GE’s Industrial
Solutions business also will address all steps in the energy conversion
chain with a robust portfolio built around rotating machines, power
electronics, wind converters, solar inverters and process control
technologies.

“Power Conversion’s engineering expertise, systems focus and market
customization make it a differentiator in today’s market because GE can
scale its businesses and deliver new solutions to market faster than
current competitors,” added Mastrangelo.

The fastest growth in the industrial automation sector is expected to be
in Brazil, Russia, India and China and the Middle East. The expansion
will be driven by a demand in energy efficiency and integrated
electrical and mechanical solutions critical to customers who are
competing in highly competitive industries.

Power Conversion and GE’s M&A Strategy

GE Energy acquired Power Conversion, then known as Converteam, in
September 2011. The $ 3.2 billion deal is the latest in approximately $ 11
billion of acquisitions that have expanded GE Energy’s portfolio beyond
the power generation sector into critical industries that rely on
cleaner, smarter, more efficient energy.

To learn more, please visit: http://www.ge-energy.com/.

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company’s website at www.ge.com.

GE also serves the energy sector by providing technology and service
solutions that are based on a commitment to quality and innovation. The
company continues to invest in new technology solutions and grow through
strategic acquisitions to strengthen its local presence and better serve
customers around the world. The businesses that comprise GE
Energy—GE Power & Water, GE Energy Management and GE Oil & Gas—work
together with more than 100,000 global employees and 2010 revenues of
$ 38 billion, to provide integrated product and service solutions in all
areas of the energy industry including coal, oil, natural gas and
nuclear energy; renewable resources such as water, wind, solar and
biogas; as well as other alternative fuels and new grid modernization
technologies to meet 21st century energy needs.

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