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China's Wolong buys GE's small industrial motor division
(MENAFN) China's Wolong buys GE's small industrial motor division
Wolong Electric Group Co., Ltd., China's largest electric motor producer, has closed a deal to acquire General Electric Company (GE)'s Small Industrial Motor (SIM) division for USD160 million in an all cash transaction.
According to Xinhua, GE SIM will officially become a pivotal part of Wolong Electric's global business starting June 30.
Wolong Electric chairman said: "The acquisition is an important milestone for our global strategy. Through this cooperation, we will further strengthen our core business, expand the global sales network, develop technical collaboration globally, improve best-in-class manufacturing, grow our global market share and further consolidate Wolong Electric's global leadership position in motor and control."
The acquisition includes the design, development, manufacture, sales and other areas of the low-voltage and TEFC medium-voltage motors below 1,750 horsepower.
Wolong Electric Group Co., Ltd., China's largest electric motor producer, has closed a deal to acquire General Electric Company (GE)'s Small Industrial Motor (SIM) division for USD160 million in an all cash transaction.
According to Xinhua, GE SIM will officially become a pivotal part of Wolong Electric's global business starting June 30.
Wolong Electric chairman said: "The acquisition is an important milestone for our global strategy. Through this cooperation, we will further strengthen our core business, expand the global sales network, develop technical collaboration globally, improve best-in-class manufacturing, grow our global market share and further consolidate Wolong Electric's global leadership position in motor and control."
The acquisition includes the design, development, manufacture, sales and other areas of the low-voltage and TEFC medium-voltage motors below 1,750 horsepower.
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