GE Power has signed a purchase agreement to acquire the Heat Recovery Steam Generator (HRSG) business of Doosan Engineering & Construction for US$250 million.
GE said the deal will help the company meet growing demand for its combined
-cycle power plant solutions, which use HRSG technology, and continue to expand its offerings.
Based in Korea, Doosan Engineering & C
onstruction HRSG has been a supplier to both GE and Alstom and is an Alstom licensee. Upon completion of the sale, Doosan Engineering & Construction HSRG will be integrated into GE Power’s Gas Power Systems business, which already includes Alstom’s legacy HRSG business.
“With the Alstom acquisition, we are now offering full power plant solutions and seeing an even greater demand for our highest-efficiency HA heavy-duty gas turbine plants,” said Steve Bolze, president and CEO of GE Power. “The Doosan Engineering & Construction HRSG acquisition will help us meet our forecasted growth and better manage costs by increasing our global manufacturing capacity and further complementing our existing HRSG technology. We’re also gaining a talent pool that is one of the best in the world.”
Doosan has three factories; one in Korea and two in Vietnam. Operating since 1977, Doosan Engineering & Construction HRSG has more than 1400 employees.
HRSG captures the exhaust heat from the gas turbine. The water is converted into steam which is then used to drive a steam turbine to produce additional power output. HRSG technology is critical to the efficiency of a combined-cycle plant and can help generate up to 33% of the power output of the plant, GE said.