NewswireToday - /newswire/ -
Houston, TX, United States, 2013/06/03 - GE Oil & Gas announced that it has completed its acquisition of substantially all of the assets of the Salof Companies, a designer and manufacturer of small scale liquefied natural gas (LNG) technologies based in Schertz, Texas (NYSE: GE). NYSE: GE
• Move Expands GE Presence in Small LNG Industry;
• Small-Scale LNG Offers Strong Growth Opportunities;
• A Path to Greater Use of Natural Gas in North America.
GE Oil & Gas today announced that it has completed its acquisition of substantially all of the assets of the Salof Companies, a designer and manufacturer of small scale liquefied natural gas (LNG) technologies based in Schertz, Texas. The move positions GE for growth in the small LNG sector.
Salof is an industry leader in cryogenic plant design and fabrication for small LNG and CO2 applications. GE, already active in large-scale LNG technologies, recently launched LNG solutions with a significantly smaller footprint and capacity that are complementary to Salof’s offerings.
“Adding Salof to our portfolio expands our capabilities and manufacturing footprint in the small LNG space, while Salof can draw upon GE’s breadth and global operations, positioning both companies for growth in this sector,” said Daniel C. Heintzelman, president and CEO, GE Oil & Gas. “The acquisition also provides more options for customers around the world as they look for new ways to cut both emissions and costs by using cleaner burning natural gas.”
In North America, the demand for small-scale LNG production is growing as vast new discoveries of natural gas are making it cost-efficient to use cleaner burning natural gas for transportation, fleet management, marine and other industrial uses. Small LNG solutions typically offer customers a cost-effective standard or modular, plug-and-play solution. Depending on the design, they can be moved and redeployed as needed.
Salof has nearly 200 employees located at its Schertz, Texas, manufacturing facility. Additionally, Salof receives engineering support through Beijing enCryo Engineering Co., Ltd., a Beijing-based joint venture controlled by Beijing Maison Engineering Co., Ltd. GE has entered into an agreement to acquire a 50 percent ownership interest in the joint venture, subject to customary closing approvals.
About GE Oil & Gas
GE Oil & Gas is a world leader in advanced technologies and services with 37,000 employees in more than 100 countries supporting customers across the industry from extraction to transportation to end use. Making the environment, health and safety, quality and integrity our highest priorities is The Way We Work. Our technologies and services include: surface and subsea drilling and production, monitoring and diagnostics, measurement and controls, large-scale LNG, pipeline compression and inspection, well site and industrial power generation, technologies for the refining and petrochemical industries, and modular CNG and LNG units for transportation sectors. Through our customized service solutions, training programs and technologies, GE Oil & Gas partners with customers to maximize their efficiency, productivity and equipment reliability; develop their next generation workforce; and fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.
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Fabio Pianini, GE Oil & Gas
P: +39 055 423 8872 - E: fabio.pianini[.]ge.com.
Trevor Schauenberg, GE Corporate, VP Investor Communications
P: +1 203 373 2424 - E: trevor.a.schauenberg[.]ge.com.