21 December 2006 -- GE announced that it has signed a definitive agreement to sell GE Energy's hydro business to Pescarmona Group of Companies (PGC), a multinational, privately held group with a strong focus on the hydro industry.
This sale includes GE Energy's worldwide hydro business, excluding GE's hydro operations in Norway and Sweden. An offer by PGC to purchase the operations in Norway and Sweden is under consideration and after due consultation of local works councils, could result in a subsequent sale agreement.
Terms of the agreement were not disclosed. The closing of the transaction is subject to customary conditions, including the receipt of regulatory approvals, and discussions with works councils and other third parties, and is expected to occur during the first quarter 2007.
Besides having its main focus on the hydro industry, PGC maintains a presence in businesses such as wind power generation and equipment, port systems, automobile parts, control systems, environmental services and insurance with operations in 27 countries.
IMPSA is a global provider of integrated solutions for renewable energy generation through 160 projects in more than 40 countries. The group maintains a presence in Argentina, Brazil, Ecuador, China, India, Malaysia, the Philippines, Venezuela, Columbia, United States, Spain, South Africa and Indonesia.