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GE Strengthens Role in China Compressor Manufacturing with SBW Group - Partners close strategic deal announced in January, reinforcing GE’s commitment to China (NYSE: GE)
GE Strengthens Role in China Compressor Manufacturing with SBW Group

 

PRZOOM - /newswire/ - Bejing, China, 2010/10/25 - Partners close strategic deal announced in January, reinforcing GE’s commitment to China (NYSE: GE). NYSE: GE

   
 
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GE today announced the completion of its acquisition, from Shenyang Blower Works Group Company Ltd. (SBW Group), of a minority equity interest in Shenyang Turbo Machinery Corporation, a large-scale, Chinese state-owned enterprise dedicated to the design and manufacture of turbomachinery equipment and the main operating subsidiary of SBW Group.

Claudi Santiago, president and CEO, GE Oil & Gas said: “GE is committed to a significant local presence and long-term investment in China. This agreement consolidates our 30-year relationship with SBW Group, China’s foremost manufacturer of compressors, and enables GE to continue to support China’s critical energy infrastructure projects with high-end technology and world-class engineering expertise.”

Mr. Su Yongqiang of SBW Group said: “We’re proud of our long-standing relationship with GE Oil & Gas. Together we are supporting some of China’s most important energy projects, including the milestone West-to-East gas pipeline. GE’s equity holding formalizes our successful partnership and provides a strong platform on which to build, working towards shared growth objectives.”

GE Oil & Gas is a major supplier of turbomachinery equipment to PetroChina, owner and developer of the West-to-East gas pipeline infrastructure project, which snakes through 13 provinces and autonomous regions and is playing a vital role in supporting China’s energy security and economic development. Supported by GE Oil & Gas, SBW manufactured compression equipment also for the West-to-East Gas pipeline project.

In addition to the West-to-East pipeline project, GE has been an equipment supplier for Sinopec's Sichuan-to-East China pipeline, which transports natural gas from the Puguang field in Sichuan to Shanghai in China's eastern region. Sinopec (China Petroleum and Chemical Corp.) is China's second-largest oil and gas producer.

Through the drilling and production solutions platform, GE Oil & Gas also supplies equipment and services for upstream exploration and production in China including wellheads, drilling systems, trees, valves, connectors, controls, compressors, gas turbines, multi-phase and reinjection pumps.

GE Oil & Gas in China
GE Oil & Gas has been active in China for more than 30 years and is a leading player in the refinery and petrochemical sectors of the country’s oil and gas business. With the growing demand for natural gas transmission, as illustrated by the two West-to-East pipeline projects, GE Oil & Gas greatly expanded its role as a supplier of pipeline compression equipment in the country and region.

About GE Oil & Gas
GE Oil & Gas (ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. We also provide pipeline integrity solutions, including inspection and data management. As part of our 'Innovation Now' customer focus and commitment, GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.

About GE
GE (ge.com) is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Website. GE is Imagination at Work.

About SBW Group
SBW Group, headquartered in Shenyang in China’s Liaoning Province, was founded in 1934 to design, manufacture and commercialize centrifugal and reciprocating compressors and pumps for application in the domestic petrochemical, fertilizer, coal, natural gas transportation, and power industries. The group’s domestic installed base includes over 2000 large-scale centrifugal compressors, over 1200 large water pumps and over 1000 reciprocating compressors, and its customers include China Petrochemical Corporation, China National Petroleum Corporation, Linde, JSW Steel Limited,. The company, whose main shareholder is the Shenyang Government, operates 13 subsidiaries and has over 6,000 employees, including a core management team with more than 50 years of compressor design and manufacturing experience. SBW Group sales for 2009 stood at $1000 million, reflecting a 14% growth on the previous year.

Press Contacts
Geoff Li, GE Corporate - China
P: +86 21 3877 7888 x3046 / M: +86 1391 818 9557 / E: geoff.li[.]geahk.ge.com.

GE news, Masto Public Relations / E: information[.]mastopr.com.

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GE Strengthens Role in China Compressor Manufacturing with SBW Group

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