ATLANTA--(BUSINESS WIRE)--June 15, 2004
GE Energy has signed a definitive agreement to acquire the assets of three business units of S.D. Myers, Inc. of Tallmadge, Ohio, a leading supplier of services for transformers and substations across the global power industry. GE Energy has also signed a definitive agreement to acquire the assets of Fluidex Engineering, a South African entity owned indirectly by the Myers family that owns S.D. Myers. The two acquisitions are each subject to customary closing conditions and may close independently of each other.
Ohio Transformer is an industry leader in repair, rewind and re-manufacturing services for transformers. Over the past 50 years, the company has repaired more than 6,000 transformers.
For nearly 40 years, S.D. Myers Substation Services has been a leading supplier of field services for substation maintenance including fluid services, mechanical services, and load tap changer maintenance.
S.D. Myers Engineered Transformer Products provides oil reclamation systems, dry-out solutions and oil cooling systems for transformers.
Fluidex has developed advanced technology in transformer oil processing and is one of the world's largest manufacturers and exporters of transformer oil regeneration plants.
S.D. Myers Inc. will continue as an industry leader in its core business of transformer oil testing and analysis, with training on how to extend the reliable life of transformers, and with PCB dechlorination services outside the US.
These acquisitions are expected to close in the next few months.
About GE Energy
GE Energy (www.gepower.com) is one of the world's leading suppliers of power generation and energy delivery technology, with 2003 revenues of nearly $18.5 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.