ATLANTA, GEORGIA (May 12, 2003) --- GE Power Systems announced today the successful completion of its acquisition of Jenbacher AG of Austria, a global manufacturer of reciprocating engines for power generation.
Over 95% of Jenbacher's outstanding shares were tendered by April 25, the end of the offer period, paving the way for GE to complete the transaction. Today's closing was the final step in the acquisition which had previously received all of the required regulatory approvals.
Jenbacher will become part of GE Aero Energy Products (AEP) and the headquarters and the manufacturing facilities will remain in Jenbach, Austria. GE plans to have the company renamed GE Jenbacher and make it GE's global "Center of Excellence" for gas reciprocating engine products.
"We're delighted to welcome the employees of Jenbacher into GE," said Rick Stewart, president of GE AEP. "We greatly value Jenbacher's brand recognition, reputation for quality workmanship, and commitment to advanced technology. We are confident that the synergies of GE and Jenbacher will allow us to better serve the distributed power requirements of our customers around the world. Combining GE's sourcing network, technology, and sales and service infrastructure with Jenbacher's existing operations will enable more rapid product development and sales growth."
He added, "The Jenbacher engines, in addition to running on natural gas, are particularly well suited for power generation utilizing a wide range of renewable biogas and special gases. This acquisition greatly expands the GE product family for small power generation, and extends our renewable power portfolio beyond wind and hydro."
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