GE Power has signed a deal to acquire the heat recovery steam generator (HRSG) business of Doosan Engineering & Construction for $250 million.
GE Power said the acquisition will help it meet the growing demand for its combined-cycle power plant solutions, which utilize HRSG technology, and continue to expand its customer offerings.
The company added that the deal is particularly timely, coming in the wake of GE’s acquisition of Alstom.
‘We are now offering full power plant solutions and seeing an even greater demand for our highest-efficiency HA heavy-duty gas turbine plants,’ said GE Power president Steve Bolze (pictured).
He added: ‘The Doosan Engineering & Construction HRSG acquisition will help us meet our forecasted growth and better manage costs by increasing our global manufacturing capacity and further complementing our existing HRSG technology. We’re also gaining a talent pool that is one of the best in the world.’
Upon completion of the sale, South Korea-headquartered Doosan Engineering & Construction HSRG will be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
Joe Mastrangelo, president of GE Gas Power Systems, said today that ‘we are seeing HRSG demand that is more than double historical averages’.
‘Our investment in Doosan Engineering & Construction HRSG will bring us cost-effective, vertically integrated manufacturing and engineering capacity that will allow us to be faster and better as we ramp to meet customers’ needs.’