Converteam Acquisition Moves GE closer to Its Autralian Clients with a New Commercial and Technical Support Office
SYDNEY, AUSTRALIA – November 3, 2011 – Building on a commitment to provide enhanced levels of responsiveness and support for customers in Australia, power conversion specialist Converteam, a GE Energy (NYSE: GE) business, today celebrated the opening of its new commercial and technical support office in Sydney. Converteam was acquired by GE on September 2, 2011. The new facility will enable a faster response to meet the needs of GE Energy's existing and new customer base in the region where the company's portfolio of ongoing work includes major projects in mining, metals, transport, materials handling and desalination.
Australia's mining industry in particular is experiencing strong growth which is expected to continue with some analysts predicting growth of up to 77 percent by 2020. ABARES, the Australian government's research bureau, estimates that the country's exploration expenditure in the minerals and energy sector reached A$5.9 billion in 2010-11. During the same period, new capital expenditure in the sector is said to have risen to A$55.5 billion and may top A$73 billion during 2011-12.
"With a long-standing presence in this region, we've a substantial installed base of equipment and systems in Australia and a successful track record based on delivering innovative and tailored power conversion solutions to the mining industry and to other sectors," said Steve Raynor, managing director of GE's Converteam business with responsibility for Australia. "Our new facility in Sydney further demonstrates our long-term commitment to the region. By ensuring our technical, engineering and commercial resources are located closer to our customers, we can rapidly respond to their needs in any part of Australia and throughout the region. The new facility also reflects our localization and knowledge sharing strategy , expanding opportunities for local employment and training in high-tech engineering positions for a new generation of Australians."
The new commercial facility is part of GE Energy's drive to bring Converteam's 100 years of experience to bear in Australia's resurgent mines and to actively engage in projects to upgrade and enhance mine winder drive systems and associated safety systems at multiple sites in the country.