Alstom to acquire PSM

Alstom announced today that it has agreed to acquire Power Systems Mfg (PSM), a subsidiary of Calpine Corporation, for $242m.

PSM, located in Florida, is a high tech company with a leading position as independent provider of improved gas-turbine parts and low-Nox upgrade solutions for gas turbines.

PSM, which will be integrated into Alstom’s Power Service Sector, employs over 100 people and had sales of approximately $70m in 2006, with an EBITDA margin above 25%.

‘This deal will strengthen Alstom’s position in the US market, where gas turbine service shows strong growth driven by increasing plant utilisation and more stringent emission limits,’ commented Patrick Kron, Chairman and CEO of Alstom. ‘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.’