ATLANTA (AP) — General Electric Co. said Tuesday that it has finally launched a joint venture with XD Electric Group, a partnership originally announced over a year ago.
GE and XD Electric, a Chinese company that makes electricity transmission and distribution equipment, will sell equipment and services for upgrading electrical grids through their joint venture.
The conglomerate said that it now owns 15 percent of XD Electric. GE also said that it holds a seat on XD Electric's board.
The deal was first announced in May 2012, and was expected to close in the fourth quarter of 2012, but the regulatory process in China took longer than expected, said Bob Turko, a general manager at GE's high voltage solutions unit.
By partnering with XD Electric, GE hopes to grab a piece of the $100 billion high voltage technology industry and expand its business in China, Turko said.