Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, March 29, 2011

GE digs deeper into energy with $3.2 billion deal, (NYSE: GE)

General Electric Co (GE.N) reached a $3.2 billion cash deal to acquire a French maker of high-efficiency motors used in the oil and gas sector, pouring more money into its most profitable division. The largest U.S. conglomerate said its acquisition of Converteam, which also makes equipment to connect sources of renewable power such as wind turbines to the electric grid and reported 2010 revenue of $1.5 billion, would boost its offering of equipment used across the energy industry. GE has made roughly $14 billion worth of acquisitions over the past year -- with $11 billion in energy alone -- as Chief Executive Officer Jeff Immelt worked to move the company away from its former dependence on financial services.