ATLANTA, September 3, 2004 — Signaling the latest expansion of its environmental services capabilities, GE Energy has completed its acquisition of BHA Group Holdings, Inc., a leading global provider of high quality parts, services and performance upgrades for particulate matter control systems. The acquisition was approved at a BHA shareholders meeting on August 27.
As previously announced, the acquisition was an all-cash transaction for $38 per share, or approximately $260 million. BHA is headquartered in Kansas City, Missouri and GE currently plans to move the head office of its environmental services team to the Kansas City facility.
With operations in 11 countries, BHA supplies parts, services and engineered upgrades to reduce particulate matter emissions for a broad range of power generation and industrial applications, as well as ePTFE membrane products for use in a variety of industrial and consumer products.
“This acquisition allows us to significantly expand our range of environmental services, adding particulate matter control capabilities to our existing combustion optimization, performance enhancement and air quality monitoring technologies,” said Ricardo Artigas, president, energy services for GE Energy. “It creates an exciting and unique capability to incorporate multiple technologies in end-to-end environmental solutions with the goal of reducing emissions, improving plant performance and increasing a customer’s overall profitability.”
In addition to the environmental applications, GE sees potential opportunities for BHA membrane technology in other GE industrial businesses.
BHA is the latest in a series of acquisitions and product announcements designed to broaden GE Energy’s offerings in renewable and cleaner energy production. GE’s environmental services organization is expected to grow at least 50% this year, and is positioned to achieve double-digit growth over the next three years.
BHA Group Holdings began as a division of Standard Havens, Inc. in 1975 and became a publicly owned company in 1986. Fiscal 2003 revenues were $182 million. BHA is a world leader in innovative filtration technology. Its two principal operating subsidiaries are BHA Group, Inc., a leading global supplier of replacement parts and services for industrial air pollution control systems, and BHA Technologies, Inc., which manufactures and markets expanded polytetrafluoroethylene (ePTFE) membrane products for use in a variety of industrial and consumer products.
About GE Energy
GE Energy (www.gepower.com) is one of the world’s leading suppliers of power generation and energy delivery technology, with 2003 revenues of nearly $18.5 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.