Acquisition announced

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

GE has agreed to acquire a majority stake in the Advanced Systek. The transaction will enhance GE's ability to offer solutions to customers in regions such as South Asia and the Middle East. Terms of the transaction were not disclosed.

By combining Advanced Systek's capabilities with GE technology and world-class product suite of flow meters, control valves, UPS, controllers and instrumentation, this transaction enables the GE Oil & Gas business to broaden its offerings for the industry and deepen its relationship with customers seeking solutions.

Under the terms of the transaction, the senior management team of Advanced Systek will continue to serve as directors and will work with GE to utilize their industry expertise to help the business grow.

John L. Flannery, President & CEO, GE India, said, "GE and Advanced Systek complement each other very well. Advanced Systek's capabilities and its established track record in the oil and gas industry combined with our expertise and product portfolio in custody transfer will help us expand our service offerings to our customers. This merging of strengths will help us address growth opportunities in India and other emerging countries."

Umed Fifadra and Mukesh Kapadia, Joint Managing Directors, Advanced Systek, said, "Advanced Systek's electronic flow measurement devices and automation software will be complemented by GE Energy's existing strength in measurement instrumentation, diagnostics and performance optimization offerings, to create an overall solutions business with strong local capabilities. We look forward to widening Advanced Systek's position in its core areas of expertise with GE Energy's broad range of world-class products and global reach."


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