8 March 2007 – Alstom has announced today its agreement to acquire Power Systems Manufacturing (PSM), a subsidiary of Calpine Corporation, for $242m.
PSM, located in Florida, is a leading provider of improved gas-turbine parts and low-NOx upgrade solutions for gas turbines. It has designed, developed and introduced to market many solutions on a multitude of gas turbine technologies. PSM employs over 100 people and had sales of approximately $70m in 2006.
Alstom will pay $242 million for the acquisition and will fund it through internal sources. The activities of PSM will be part of the Power Service Sector of Alstom.
Patrick Kron, Chairman and CEO of Alstom, declared: “PSM is ideally positioned to benefit from the high growth of sales and profit in this favourable market Alstom will give PSM the financial stability, technological backing and access to a larger customer base to market its products”.
Closing is subject to receiving approval from regulatory authorities.