GE Power Systems Completes Acquisition Of PII Group
Ltd.
ATLANTA--(BUSINESS WIRE)--March 18, 2002--
Latest Expansion of GE's Oil and Gas Offerings
GE Power Systems today announced it has completed its acquisition
of PII Group Ltd. from HgCapital of the UK. PII is the world leader in
pipeline in-line inspections and integrity management services for the
oil and gas industry.
The PII acquisition is the latest expansion of GE Power Systems'
growing portfolio of technology and services for the oil and gas
business. Adding the skills, resources and experience of PII is a
major step as we continue to build a broader and stronger platform to
serve our global oil and gas customers, said John Rice, president and
CEO of GE Power Systems.
Headquartered in Cramlington, Newcastle, UK, PII has 775 employees
worldwide. The company offers total pipeline integrity solutions,
including in-line inspection tools, consulting and special analysis
services, to provide customers with higher productivity, greater
safety and longer life for their pipeline operations.
HgCapital acquired PII from British Gas in 1998, and the company
has expanded its position in the pipeline integrity industry through a
number of strategic acquisitions. Today, PII operates in more than 45
countries with annual revenues of more than $170 million.
GE's intent to acquire PII was announced in January. Financial
details of the acquisition were not revealed.
About GE Power Systems
GE Power Systems (www.gepower.com) is one of the world's leading
suppliers of power generation technology, energy services and
management systems with projected 2001 revenues exceeding $20 billion.
The business has the largest installed base of power generation
equipment in the global energy industry. GE Power Systems provides
equipment, service and management solutions across the power
generation, oil and gas, distributed power and energy rental
industries.
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CONTACT: GE Power Systems
Dennis Murphy, 770/859-6948
[email protected]