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GE Plans to Capture More Wind with $1.65B Acquisition of LM Wind Power - A Global Designer and Manufacturer of Wind Turbine Blades - GE the world’s leading digital industrial company, announced its intent to purchase LM Wind Power, a Denmark-based manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion (€1.5 billion) - /
GE Plans to Capture More Wind with $1.65B Acquisition of LM Wind Power - A Global Designer and Manufacturer of Wind Turbine Blades


PRZOOM - /newswire/ - Paris, Ile-de-France, France, 2016/10/11 - GE the world’s leading digital industrial company, announced its intent to purchase LM Wind Power, a Denmark-based manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion (€1.5 billion) - / NYSE: GE

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• Captures more value in fast growth renewables industry;
• Strategic investment bolsters ability of GE Onshore and Offshore wind businesses to increase energy output and value for customers while in-sourcing production;
• LM Wind Power will continue to be a leading supplier to other Original Equipment Manufacturers;
• Accretive in 2018.

The deal in-sources wind turbine blade design and manufacturing for GE’s Renewable Energy business, improving its ability to increase energy output and create value for onshore and offshore customers. Since 2001, LM Wind Power has been owned by Doughty Hanson, a leading London-based private equity firm.

The acquisition is valued at 8.3 times pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) (2016 estimate). The transaction is subject to customary regulatory and governmental approvals and GE expects to close the transaction in the first half of 2017. GE expects the acquisition to be accretive to earnings in 2018.

As the cost of electricity from renewable sources continues to decline and nations pursue low-carbon forms of energy, renewable sources are gaining share in power generation capacity. In 2015, approximately 50% of all new electricity capacity additions were renewable energy sources, with wind representing 35% of that growth.

Jérôme Pécresse, President and CEO of GE Renewable Energy said,”Increasingly, wind turbine innovation is driven by system design, materials science, and analytics -- all elements of the GE Store. We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity. With our combined global footprint, we can build flexible solutions for customers around the world. This combination will help sustain growth in the wind power industry.

“The acquisition of LM Wind Power, a leading supplier to the wind industry, will help us deliver on that goal. Simply stated, we’ll be more local, have more flexibility and knowledge in turbine design and supply, and more ability to innovate and reduce product costs, while improving turbine performance. We will also develop enhanced digital and services capabilities. All of which will be good for customers, competition in the industry, and the growth of wind power globally.”

Marc de Jong, CEO of LM Wind Power, said “This deal will merge the speed and focus of LM Wind Power’s entrepreneurial culture with GE’s world-class engineering and operational capabilities. Our two organizations are highly complementary and the transaction positions us well to respond faster to customer needs and enhance performance of wind turbines to ultimately reduce the cost of energy. We look forward to working closely with the GE Renewable Energy team to accelerate our growth strategy and continue to deliver greater value to all our customers.”

With over three decades of experience and 190 patents, LM Wind Power is a leading supplier of blades for the wind turbine industry, offering blade development, manufacturing, service and logistics. Today, GE is not producing blades and LM Wind Power is its largest blade supplier. Since 1978, LM Wind Power has produced more than 185,000 blades, corresponding to approximately 77 gigawatts (GW) of installed wind power capacity, which can each year effectively replace approximately 147 million tons of CO2. Their success was achieved through a commitment to continuous improvement, quality, cost, research, product development, and excellent customer relationships and service.

LM Wind Power’s global manufacturing footprint includes 13 factories located on four continents in 8 countries including Denmark, Spain, Poland, Canada, USA, India, China and Brazil, in or close to key wind power growth regions to effectively serve its customers.

Pécresse stated,“LM Wind Power has a terrific team, with a strong passion for their mission to power a cleaner world. Their values of customer-focus, teamwork, trust, and ownership are harmonious with our own values. I’m very optimistic that together we will help shape the future of energy.”

GE Renewable Energy is expected to sustain a solid growth rate over the next few years. The integration with Alstom Power is on track and global demand is robust. The business can fully leverage all elements of the GE Store. GE expects sustainable growth in margins and returns.

Following the closing of the deal, GE intends to operate LM Wind Power as a standalone unit within GE Renewable Energy and will continue to fully support all industry customers with the aim of expanding these relationships. GE will also retain the ability to source blades from other suppliers. LM Wind Power will continue to be led by its existing management team and be headquartered in Denmark, where it also maintains a global technology center.

About GE Renewable Energy
GE Renewable Energy ( is a $9 billion dollar start-up that brings together one of the broadest product and service portfolios of the renewable energy industry. Combining onshore and offshore wind, hydro and innovative technologies such as concentrated solar power, GE Renewable Energy has installed more than 370 gigawatts capacity globally to make the world work better and cleaner. With 13,000 employees present in more than 55 countries, GE Renewable Energy is backed by the resources of the world’s first digital industrial company. Our goal is to demonstrate to the rest of the world that nobody should ever have to choose between affordable, reliable, and sustainable energy.

About LM Wind Power
LM Wind Power ( is the world's largest designer and independent supplier of rotor blades for wind turbines, with a global manufacturing footprint that includes blade factories in Brazil, Canada, China, Denmark, India, Poland, Spain and the United States. The company has produced more than 185,000 blades since 1978, corresponding to more than 77 GW installed capacity and global savings of more than 147 million tons of CO2 annually.

About Doughty Hanson
Founded in 1985, Doughty Hanson is one of Europe’s longest-established and most experienced private equity firms. Over more than three decades and six funds, the Firm has invested in over 60 companies and has established a strong track record of investing in and growing market-leading businesses.

Doughty Hanson focuses on majority ownership and control of businesses in the European middle market and is rightly acknowledged as a pioneer in the area of active ownership.

Doughty Hanson has helped many of the companies acquired grow into successful international organisations, with a number of them listed on major stock exchanges while others have become divisions of larger global companies.

Caution Concerning Forward-Looking Statements
This communication includes "forward-looking statements" that is, statements related to future, not past, events. In this context, forward-looking statements often address GE Group’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” "see,” “will,” “would,” or “target.”
Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and involve known and unknown risks and uncertainties, many of which are beyond GE Group’s control and all of which are based on GE Group management's current beliefs and expectations about future events. These forward-looking statements include all matters that are not historical facts. Forward-looking statements may and often do differ materially from actual results. No assurance can be given that such future results will be achieved. These or other uncertainties may cause GE Group’s actual future results to be materially different than those expressed in GE Group’s forward-looking statements. GE Group does not undertake to update its forward-looking statements.
These risks, uncertainties and assumptions include, but are not limited to, satisfaction of the minimum acceptance condition for each offer, the ability of GE to obtain the requisite regulatory approvals required to complete the offers to purchase, the satisfaction of the other conditions to the consummation of the proposed transactions, the timing of completion of the proposed offers to purchase, and the impact of the announcement or consummation of the proposed transactions on the relationships of GE Group and Arcam or SLM Solutions, including with employees, suppliers and customers. In addition, there can be no assurance that the offers to purchase will result in the consummation of an acquisition of Arcam or SLM Solutions. These and other important factors, including those discussed under “Risk Factors” included in GE Group’s Consolidated Annual Report on Form 10-K for the year ended December 31, 2015, may cause GE Group's actual events or results to differ materially from any future results, performances or achievements expressed or implied by the forward-looking statements contained in this communication. Such forward-looking statements contained in this communication speak only as of the date of this communication. GE Group expressly disclaims any obligation or undertaking to update these forward-looking statements contained in this communication to reflect any change in GE Group’s expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law.
More detailed information about these and other factors is set forth in the Annual Report on Form 10-K which is available on the GE Group Investor Relations website at and has also been filed with the U.S. Securities and Exchange Commission.

Investor Contact: Matt Cribbins
P: +1 617-443-3003 - E: m.cribbins[.]

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GE Plans to Capture More Wind with $1.65B Acquisition of LM Wind Power - A Global Designer and Manufacturer of Wind Turbine Blades

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LM Wind Power | GE Renewable Energy
Contact: Sebastien Duchamp - GE Renewable Energy 
+33(0)6 73 19 59 64 sebastien.duchamp[.]
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