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GE Sells Water & Process Technologies Business to SUEZ
GE announced Oct. 2 that it completed the closing of the sale of GE Water & Process Technologies to Paris-based SUEZ for $3.4 billion on Sept. 30, 2017. GE had announced in October 2016 that it planned to sell the business, partly due to the overlap of certain product lines with the Baker Hughes business. The merger of Baker Hughes and GE was officially announced July 3, 2017.
"The sale of GE Water & Process Technologies is the next step in GE Power's business strategy and portfolio transformation," GE Power President and CEO Russell Stokes said. "By creating a more simplified and focused business, we'll be better positioned to leverage Power's strengths across the entire electricity value network to serve our customers and position the business for growth moving forward."
The SUEZ news release said the company, in connection with the deal's completion, has established a Water Technologies & Solutions business unit under the leadership of Heiner Markhoff, former president and CEO of GE Water, and that Markhoff has joined SUEZ Group's Executive Committee. The new unit combines both the acquired business and SUEZ's own industrial service activities and "will offer an unparalleled value proposition to the shareholders, including the expected commercial, operational and technical synergies," according to the release.
It said SUEZ Water Technologies & Solutions will operate with more than 10,000 employees and address the needs of some 50,000 customers worldwide, relying on 650 R&D and expert staffers and 17 Research & Excellence Centers of SUEZ. "This operation secures SUEZ’s global leadership in industrial water services and strengthens its positioning as an integrated group providing services, addressing over 450,000 industrial and business customers worldwide. At the same time, it builds on its international footprint, especially in the United States," the release said.
"I am thrilled to welcome GE Water & Process Technologies' teams and know-how," said Jean-Louis Chaussade, CEO of SUEZ. "This is an exciting moment for SUEZ, as our group now has an ever-stronger knowledge and skill set to bring innovation and enhanced value to industrial and municipal customers around the world. With over 90,000 employees working across the entire water and waste value chain, we will help address pressing global challenges such as water scarcity, resources preservation, and climate change."