General Electric, Boston, made another significant move to pare its operations today. While the sale of its Current business garnered the most attention the company also completed the sale of its GE Distributed Power business to the private equity group Advent International for $3.25 billion. The deal was announced in June.
The unit, now rebranded as INNIO, is best known for manufacturing the Jenbacher and Waukesha gas engines that generate electricity for towns and factories around the world. GE acquired Jenbacher, manufacturer of gas engines, in 2003.
GE acquired the Waukesha brand when it bought Dresser Inc. in 2011. Whereas the largest Jenbacher gas engine can generate as much as 10 MW — enough to supply a small town – Waukesha engines typically serve the midstream oil and gas industry segment and can operate in harsh and remote environments.
“This is an exciting time to emerge as a stand-alone energy company,” said Carlos Lange, president and CEO of INNIO. “With the continued growth of renewables across the globe and the increased emphasis on energy efficiency, INNIO is well-positioned to be a key enabler and integral part of the energy transformation.”
INNIO’s headquarters will be in Jenbach, Austria, but the business also has operations in Welland, Ontario, and Waukesha, WI.