GE Power has announced that it has completed the acquisition of the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction for $USD250 million.
Originally announced in May, the Doosan Engineering & Construction HRSG acquisition will help GE Power meet the growing demand for its combined-cycle power plant solutions, which utilize HRSG technology, and continue to expand its customer offerings.
“Today, we welcome Doosan Engineering & Construction’s HRSG business as the newest member of the GE Power family, following a longstanding partnership with both GE and Alstom,” said Joe Mastrangelo, president and CEO of GE’s Gas Power Systems.
“As we expand demand for our HA gas turbines and efficient combined-cycle solutions, a critical part of having the best integrated offering includes Heat Recovery Steam Generators (HRSGs) that enable better plant performance and cost.
This acquisition brings expanded leadership in engineering, equipment and infrastructure to our portfolio and positions us to be a global leader in HRSG.”
Korean-based Doosan Engineering & Construction HRSG will now be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
According to market analysts, for GE and customers, this new acquisition will bring immediate capacity for HRSG engineering and manufacturing, a highly efficient pool of specialised subcontractors to quickly and easily flex up or down GE’s capacity based on customer need and will also drive value across GE’s global manufacturing network with in-house design and manufacturing and significant synergies.
With today’s announcement, Korean Doosan E&C HRSG employees and the facility in Changwon, Korea have been transferred to GE.