GE Energy Plans to Acquire Altair Filter Technology Group Limited, a Leader in Inlet Filtration Technology
Posted on: Thursday, 12 January 2006, 12:00 CST
GE Energy (NYSE: GE) today announced that it has signed a purchase agreement to acquire Altair Filter Technology Group Limited, a leading provider of inlet filtration solutions for the power generation, oil and gas and marine industries. Gresham Private Equity, a regionally based UK mid-market private equity firm, is a majority stakeholder in the business. The transaction, subject to customary closing conditions, is expected to close at the beginning of February.
Based in Alton, United Kingdom and with operations in Louisville, Kentucky, Altair has a global sales force and customer base. Established in 1966, the company's technology has been installed in more than 2,000 units worldwide.
GE Energy's existing portfolio of environmental services covers a broad range of applications, including gas turbine air filtration, fuel and air monitoring and conditioning, combustion control, post-combustion control construction and pollutant monitoring and testing.
"Adding Altair's expertise, experience and leading technology will further expand our offerings in the environmental services arena," said Dan Heintzelman, president of GE Energy's services business. "It will enhance our technology portfolio by strengthening our systems and filtration capabilities, giving our customers more complete pre-combustion air quality solutions."
"Joining GE Energy is an extremely exciting and positive development for Altair, our employees and customers," commented Andrew Steel, Altair's CEO. "GE Energy's significant resources and the superb match of Altair's team within the environmental services portfolio make us a great combination. This can only be good news for all our customers, and provides significant opportunities to further reinforce our solid reputation for first class products, services and solutions."
About GE Energy
GE Energy (www.ge.com/energy) is one of the world's leading suppliers of power generation and energy delivery technology, with 2004 revenue of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, transmission and distribution, distributed power and energy rental industries.
Source: Business Wire
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