Wartsila CFO says GE's Jenbacher would complement business well
HELSINKI, May 31 (Reuters) - Jenbacher, the industrial gas engine business of General Electric (GE), would complement Wartsila, the chief financial officer of the Finnish company said on Thursday.
Reuters reported last month that Wartsila, which makes power plants and ship technology, was among bidders for Jenbacher, which is estimated to be worth about 3 billion euros ($3.5 billion).
“Jenbacher is a leading company in smaller gas engines and gas compressors, and they have been quite successful in areas which are actually just below our sizes,” Wartsila CFO Marco Wirén said in an investor meeting when asked about the company.
“They are more focused on commercial and industrial customers whereas we are more in the utility space and IPP’s (independent power producers) ... it is a very good company.”
GE, which is looking to bolster its finances and streamline its power division, has said it might announce a deal by the middle of the year for the unit.
The unit, which also includes Waukesha engines, makes gas turbines that generate on-site power to keep industrial plants running.