ATLANTA, Ga., August 11, 2004 — GE Energy announced it has completed its acquisition of the assets of three business units of S.D. Myers, Inc. of Tallmadge, Ohio, a global leader in transformer and substation maintenance services.
The three business units acquired by GE are Ohio Transformer, an industry leader in repair, rewind and re-manufacturing services for transformers; S.D. Myers Substation Services, a leading supplier of field services for substation maintenance; and S.D. Myers Engineered Transformer Products, which provides oil reclamation systems, dry-out solutions and oil cooling systems for transformers.
“This transaction further expands our capabilities in the transmission and distribution services industry,” said Ricardo Artigas, president of energy services for GE Energy. “It allows us to offer an integrated platform of substation services and is a significant step in our quest to better serve our global customers.”
Artigas continued, “The three business units being acquired each have been driven by customer-focused, quality-conscious, growth-oriented business strategies. GE Energy anticipates tremendous synergies with these businesses due to these complementary business approaches.”
All three business units will be integrated into GE Energy’s existing services business, which provides customers with support across all aspects of the global power industry, including power generation and energy delivery.
In a separate transaction, GE Energy previously announced its intent to acquire the assets of Fluidex Engineering, a South African entity owned indirectly by the Myers family that owns S.D. Myers. The closing of that acquisition is expected by the end of August.
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.