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 renewable power sources such as wind turbines to the electric grid and which 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 dependence on financial services.
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