Acquires majority stake in Indo Tech Transformers, Ltd.
NEW DELHI, INDIA---May 20, 2009---Prolec GE International, S. DE R.L. DE C.V. (Prolec GE) announced the acquisition of a majority of stake of Indo Tech Transformers, LTD (Indo Tech) of Chennai, India, a company that specializes in power and distribution transformers, has been completed.
Indo Tech, a publicly traded company with $47 million (USD) revenues for fiscal year ending March 2009 will provide Prolec GE with a competitive manufacturing base and a skilled workforce in India, one of the world's fastest growing economies. The agreement will also provide Prolec GE with a foundation for continued growth throughout the region, where the business already has a significant presence.
Indo Tech facilities are located in close proximity to two ports and an international airport, ideal for target export areas, expanding Prolec GE's global growth opportunities.
"This transaction will allow Prolec GE to expand within India's rapidly growing energy sector," said Jorge Lozano, president of Prolec GE, who also mentioned, "India remains an attractive growth region despite the global financial crisis. This speaks very well regarding the capability of India's leadership to keep its economy healthy during turbulent times. This is certainly very encouraging, and we are confident we made the right decision investing in this country."
"We continue to make investments to the benefit of our clients. The majority stake in Indo Tech Transformers, Ltd., by Prolec GE, is a response to the needs of the market. As we go forward, we will continue to grow and scale the business to meet market requirements," said Kishore Jayaraman, CEO, GE Energy, India, Srilanka and Bangladesh.
About Prolec GE
Prolec-GE is a joint venture between the General Electric Company and Xignux, S.A. de C.V. It is one of the largest transformer manufacturers in the Americas, offering a complete line of transformer products necessary for the generation, transmission, and distribution of electric power. Prolec GE has over 30 years of experience in the industry, with products installed in more than 30 countries around the world. www.prolecge.com
About Xignux
Xignux, S.A. de C.V. (www.xignux.com) is a Mexican industrial consortium based in Monterrey, Mexico, which offers a variety of products and services in the electrical and food sectors. It operates 20 plants and more than 60 distribution centers in Mexico, the USA and South America. Over half of total sales are currently exported to more than 40 countries worldwide.
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technologies, with 2008 revenue of $29.3 billion. Based in Atlanta, Georgia, GE Energy works in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. Numerous GE Energy products are certified under ecomagination, GE's corporate-wide initiative to aggressively bring to market new technologies that will help customers meet pressing environmental challenges.
About GE
GE (NYSE:GE) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE is Imagination at Work. For more information, visit the company's Web site at http://www.ge.com.
GE news Deepali Girdhar
Masto Public Relations
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GE India
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