05.02.03

5.2.2003: Meldung: GE Power Systems acquires in China

GE Power Systems today announced it has acquired majority ownership of Kvaerner Power Equipment Co., Ltd (Kvaerner Hangfa) of Hangzhou, China, one of the leading suppliers of hydropower generation equipment in China.

This transaction marks the largest acquisition by GE Power Systems in the People"s Republic of China.

Kvaerner Hangfa, an equity joint venture established in 1995, is owned 61% by Norwegian Kvaerner Energy a.s. and 39% by Chinese State-owned Hangzhou Electric Equipment Works (Hangfa). It has been a global manufacturer supplying water to wire package of hydropower equipment up to 150 megawatts. The company has approximately 600 full time employees.

The new company will be named GE Hydro Asia Co., Ltd. GE will have 90% ownership while Hangzhou Industrial Asset Management Co. Ltd, 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 and a global leader in the supply of complete packaged hydro power solutions.

"Kvaerner Hangfa has a great history of supplying quality equipment for the Chinese hydro market," said Tracy Moore, President and CEO of GE Hydro. "The addition of GE Hydro Asia to our portfolio illustrates our ongoing commitment to provide cost-competitive and industry-leading technologies to our customers around the world."

"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," said F.L. Leow, President of GE Power Systems China. "We continue to participate in major infrastructure projects, such as upcoming hydro projects like Three Gorges Phase II and several pumped storage projects, gas turbine power plant construction projects, the West-to-East Gas Pipeline project and the 2008 Beijing Olympics."

GE Hydro Asia Co., Ltd will continue to be a supplier of hydropower equipment in China and serve as a global platform for GE.

About GE Power Systems

GE Power Systems (www.gepower.com) is one of the world"s leading suppliers of power generation equipment, services and management systems, with estimated 2002 revenues of $23 billion. Based in Atlanta, Georgia, GE Power Systems provides equipment, services and management solutions across the power generation, oil and gas, distributed power and energy rental industries.

Contact:

GE Power Systems, Atlanta
Dennis Murphy, 770/859-6948
dennis.murphy@ps.ge.com
or
Masto Public Relations
Ken Darling or Howard Masto, 518/786-6488
kenneth.darling@ps.ge.com
howard.masto@ps.ge.com
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