GE to slow pace of energy deals after Converteam
BOSTON (Reuters) - General Electric Co (GE.N), which has racked up some $11 billion in acquisitions in the energy sector over the past six months, plans to slow its pace of dealmaking following its purchase of Converteam, a top executive said.
"As you look forward here, our top priority is going to be making these acquisitions work for GE shareholders, not adding to the heap," said John Krenicki, a vice chairman of the largest U.S. conglomerate, who heads the GE Energy Infrastructure division.
Asked it the company would continue its torrid pace of dealmaking, he said: "Not this pace, no."
The company expects its $3.2 billion acquisition of France's Converteam, which makes electric motors used in energy production and electronics used in the renewable energy sector, to be accretive to earnings in the first year after it closes, Krenicki added in an interview on Tuesday. GE expects the deal to close in the third quarter.
(Reporting by Scott Malone, editing by Gerald E. McCormick)