GE Power Systems announced yesterday that it has acquired majority ownership of Kvaerner Power Equipment (Kvaerner Hangfa) of Hangzhou, China, one of the leading suppliers of hydropower generation equipment in the People’s Republic.
Norwegian Kvaerner Energy has 61% ownership of Kvaerner Hangfa, an equity joint venture established in 1995, whilst Chinese State-owned Hangzhou Electric Equipment Works (Hangfa) owns 39%.
The new company will be named GE Hydro Asia. GE will have 90% ownership while Hangzhou Industrial Asset Management, Hangfa’s parent company, will remain a minority owner with 10%.
The new business will become part of global operations of GE Hydro, a division of GE Power Systems.
‘China has an extremely dynamic and promising energy market. We are committed to participating as a key player in the fast-growing energy industry through all activities, including sales, sourcing, investment and R&D,’ commented F.L. Leow, President of GE Power Systems China.