ATLANTA--(BUSINESS WIRE)--March 31, 2005--Reinforcing its commitment to China's rapidly growing power industry, GE Energy today announced its joint venture partnership with Shanghai Xin Hua Control Technology (Group) Co., Ltd. ("Xin Hua Group"), through acquisition of a majority share in Xin Hua Control Engineering Co., Ltd. ("Xin Hua Control").
Xin Hua Control, a privately held company founded in 1988 and based in Shanghai, China, designs, manufactures and installs steam turbine and power plant control systems and software for application in power generation, pulp and paper, oil and gas, and general industrial segments.
"Not only does Xin Hua Control help to expand GE's presence in China, it provides a significant growth opportunity by adding total plant-level control system capabilities to our existing turbine controls," said Ricardo Artigas, president of GE Energy's services business." Xin Hua Control offers a strategic fit with our power plant optimization services business and its growth objectives in this region."
"Forming the joint venture with GE Energy creates a comprehensive portfolio of controls and power plant optimization services for customers in China," said Mr. Li, Pei Zhi, president of Xin Hua Group. "Through the association with GE, Xin Hua Control also will be able to expand its technology and services capabilities outside of China."
GE Energy has been active in China for more than 90 years, supplying steam and gas turbines, hydropower units and wind turbines as well as total engineering solutions to help the country improve the reliability and availability of its energy production and transmission equipment. GE Energy has four joint ventures in China including Shenyang GE Liming Gas Turbine Components Co., Ltd, GE Shenyang Turbomachinery Technology Co., Ltd, GE-HPEC-NTC Energy Services (Qinhuangdao) Co., Ltd. and GE Hydro Equipment Asia Co., Ltd.
GE Energy also has a research and development team in its China Technology Center in Shanghai Zhangjiang Hi-tech Zone. Current GE Energy activities in China include gas turbine power plant construction, hydro, oil and gas and renewable energy projects as well as preparing for the 2008 Beijing Olympics.
About GE Energy
GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.
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