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GE Power, a division of GE, has announced that it has signed a purchase agreement to acquire the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction for $250 million. The Doosan Engineering & Construction HRSG acquisition will help GE Power meet the growing demand for its combined-cycle power plant solutions, which utilize HRSG technology, and continue to expand its customer offerings.
“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,” said Steve Bolze, president and CEO of GE Power. “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.”
Doosan Engineering & Construction HRSG—Korean-based world leader in engineering, equipment and infrastructure—has been a supplier to both GE and Alstom and has a long history as an Alstom licensee. Upon completion of the sale, Doosan Engineering & Construction HSRG will be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
“We’re seeing HRSG demand that is more than double historical averages,” said Joe Mastrangelo, president and CEO of GE Gas Power Systems. “
Doosan has three advanced manufacturing facilities, including one in Korea and two in Vietnam. In operation since 1977, Doosan Engineering & Construction HRSG currently has more than 1,400 employees specializing in engineering, project management and manufacturing. Doosan Engineering & Construction HRSG has been a supplier to GE and others and has been a long-term licensee of Alstom technology until 2007.