GE announced Wednesday its plan to sell GE Energy’s hydro business to Pescarmona Group of Companies (PGC), a multinational, privately held group which specializes in the hydro industry through its company, IMPSA.
Terms of the sale were not disclosed, and the transaction is expected to be completed in the first quarter of 2007.
This sale includes GE Energy’s worldwide hydro business, except for GE’s hydro operations in Norway and Sweden. An offer by PGC to purchase the operations in Norway and Sweden is being considered, and could result in a subsequent sale agreement.
GE Energy’s hydro segment, headquartered in Schenectady, N.Y., employs about 2,000 people globally.
PGC employs more than 6,000 people and operates in 27 countries.
IMPSA is a global provider of integrated solutions for renewable energy generation through 160 projects in more than 40 countries.