Friday, June 29, 2012

GE to Acquire Majority Interest in Advanced Systek of India

GE ­(NYSE: GE) today announced it has agreed to acquire a majority stake in the Vadodara-based Advanced Systek Private Limited, one of India’s leading suppliers of terminal automation systems and flow metering solutions. 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.

Oil and gas asset automation applications require specialized skills to ensure the safe transportation and accurate measurement of natural gas, crude oil and petroleum products. Advanced Systek offers its midstream and upstream oil and gas industry customers total terminal management and flow metering solutions including design, engineering, supply, installation, commissioning and maintenance.

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 more efficient energy solutions.

Headquartered in Vadodara, Advanced Systek also has its manufacturing facility based there. 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 and CEO of GE India, said: “GE and Advanced Systek complement each other very well. Advanced Systek’s capabilities and its established track record in the oil andgas 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.”

Mr. Umed Fifadra and Mr. Mukesh Kapadia, joint managing directors of 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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