Originally published March 30, 2011 at 5:37 PM | Page modified March 30, 2011 at 8:35 PM

Analysis

GE adds to its energy empire

General Electric has made another big energy acquisition. The conglomerate is buying a controlling stake in equipment developer Converteam for $3.2 billion.

The Associated Press

Analysis |

General Electric has made another big energy acquisition. The conglomerate is buying a controlling stake in equipment developer Converteam for $3.2 billion. Converteam, which is based in France, serves a variety of industries, but GE is interested in the company's business with oil and gas companies. GE is getting itself in place to be a major player during what's expected to be a 20-year boom in oil and natural-gas demand.

Over the past six months, GE has spent $11 billion on acquisitions to build its energy business. It has also bought Dresser, Wellstream Holdings, Lineage Power Holdings and Well Support. Converteam designs equipment that reduces energy consumption and greenhouse-gas emissions.

The government's Energy Information Administration says natural-gas consumption should grow by 44 percent from 2007 to 2035. Oil consumption is expected to rise by 28 percent.

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