Largest Acquisition in Company History Leads to Formation of GE Power, Headquartered in Schenectady
Tuesday, November 3, 2015
General Electric completed its $10.6 billion acquisition of the French company Alstom's gas turbine business on Monday morning.
With the largest acquisition in GE's history, GE Power & Water will become GE Power, headquartered in Schenectady, New York.
"The headquarters for the largest industrial business in the company is now in Schenectady, New York. It continues to mean the world tends to come here," said Steve Bolze, CEO of GE Power, at an event in Schenectady on Monday.
"As we continue to expand around the world, this is our headquarters," Bolze said. "This is our center of activity. I would say it's always been a showcase for us, and it'll continue to be a showcase, and that's why we invest here."
GE Power in Schenectady makes gas turbines and other energy products. The merged business will have 65,000 employees in more than 150 countries with revenue around $30 billion. It is unclear if the merger will lead to job growth in Schenectady.