GE Power to buy South Korean firm Doosan’s power plant unit for $250m

10 May 2016 (Last Updated May 10th, 2016 18:30)

GE Power has signed an agreement to purchase Doosan Engineering & Construction's Heat Recovery Steam Generator (HRSG) for $250m.

GE Power has signed an agreement to purchase Doosan Engineering & Construction's Heat Recovery Steam Generator (HRSG) for $250m.

Following its completion, Doosan HSRG will be integrated into GE Power's Gas Power Systems, which already includes Alstom's HRSG business.

The acquisition is expected to help GE Power expand what it can offer its customers and meet growing demand for its combined-cycle power plant solutions.

Its president and CEO Steve Bolze said: "With the Alstom acquisition, we are now offering full power plant solutions and seeing an even greater demand for our highest-efficiency HA heavy-duty gas turbine plants.

"Doosan HSRG will be integrated into GE Power's Gas Power Systems, which already includes Alstom's HRSG business."

"The Doosan Engineering & Construction HRSG acquisition will help us meet our forecasted growth and better manage costs by increasing our global manufacturing capacity and further complementing our existing HRSG technology. We're also gaining a talent pool that is one of the best in the world."

HRSG technology is a critical component of a combined-cycle power plant and can help generate up to 33% power output.

Doosan was a supplier to GE and was a long-term licensee of Alstom technology until 2007.

With more than 1,400 employees, Doosan has three advanced manufacturing facilities, including one in Korea and two in Vietnam.