GE Buys Stake In Chinese Turbomachinery Company
GE Oil & Gas said Wednesday (January 20) it agreed to acquire a minority stake in China's Shenyang Turbo Machinery Corp., which designs and makes turbomachinery equipment like compressors.
The agreement expands GE Oil & Gas's presence in China, broadening the company's support of energy infrastructure projects in the country.
Financial terms of the deal were not disclosed.
Shenyang Turbo Machinery is a subsidiary of Shenyang Blower Works Group Co. Ltd. (SBW Group), a maker of technology equipment that GE Oil & Gas has worked with in the past to supply turbomachinery equipment to Petrochina and to develop the West-to-East gas pipeline infrastructure project, which snakes through 13 provinces and autonomous regions.
SBW Group's main shareholder is the Shenyang government.
Shares of parent General Electric Co. fell 6 cents to $16.48 in morning trading.
