Andritz to acquire assets of GE's Hydro business

GRAZ, Austria, May 02, 2008 (Press Release) - International technology group Andritz and General Electric Company (GE) have reached an agreement for the purchase of certain assets of GE Energy's Hydro business. The closing of the transaction, which is subject to approval by anti-trust authorities, is expected to take place during the next few months. Financial terms were not disclosed

As part of the transaction, Andritz will acquire GE Energy's hydro power technology and certain other assets, including engineering and project management resources, research and development capabilities, and specialized generator component production facilities in Canada. These activities have a total staff of approximately 200 employees.

For the Andritz Hydro Power Business Area, the assets of GE's Hydro business will further complement the existing product portfolio in the field of large Francis-type turbines and generators with output capacity of 400 MW and more. In addition, as a result of this acquisition Andritz expects to increase its hydro power presence in North America and in fast growing emerging markets.