LONDON (ShareCast) - (ShareCast News) - US corporation General Electric has announced the acquisition of Danish manufacturer LM Wind Power, one of its key suppliers.
LM Wind Power makes wind turbine blades and the $1.65bn deal signals GE's intent to bolster its renewable energy offerings.

The deal is expected to close by the beginning of next year, and will see GE taking over 13 factories in eight countries.

"We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity," said Jérôme Pécresse, CEO of GE's renewable energy unit.

"With our combined global footprint, we can build flexible solutions for customers around the world. This combination will help sustain growth in the wind power industry."

GE have said that LM Wind Power's executive structure would remain unchanged during and after the acquisition, and it would continue to operate as a standalone division.

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