Andritz to acquire interest in GEHI JV from General Electric

GRAZ, Austria, June 23, 2008 (Press Release) - International technology group Andritz and GE Energy (GE) have signed an agreement for the purchase by Andritz of GE's majority interest in the GEHI (General Electric Hydro Inepar) joint venture. The other principal shareholder in GEHI, which was founded in 1997, is Brazilian conglomerate Inepar S.A. Group. Financial terms were not disclosed.

GEHI has sales, engineering, and project management resources in Campinas, Brazil, Tampere, Finland and Kristinehamm, Sweden with a total staff of some 200 employees. In addition, GEHI has a hydraulic testing laboratory and manufacturing capabilities in Tampere, production facilities in Araraquara, Brazil, and access to the substantial production capabilities of its Brazilian JV partner Inepar.

This acquisition complements Andritz's previous announced agreement to 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.