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GE Closes on the Joint Venture Portion of its Salof Acquisition - GE Oil & Gas today announced that it has completed its acquisition of a 50 percent ownership interest in Beijing enCryo Engineering Co., Ltd [NYSE: GE]
GE Closes on the Joint Venture Portion of its Salof Acquisition

 

NewswireToday - /newswire/ - Houston, TX, United States, 2013/09/23 - GE Oil & Gas today announced that it has completed its acquisition of a 50 percent ownership interest in Beijing enCryo Engineering Co., Ltd [NYSE: GE]. NYSE: GE

   
 
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• In connection with the Salof Acquisition, GE Acquires Stake in Beijing enCryo Engineering;
• Move Expands GE’s Capabilities in small scale LNG Industry;
• Joint Venture Supports Global Growth Opportunities.

In connection with its recent acquisition of substantially all the assets of the Salof Companies, GE Oil & Gas (NYSE: GE) today announced that it has completed its acquisition of a 50 percent ownership interest in Beijing enCryo Engineering Co., Ltd, a Beijing-based joint venture with Beijing Maison Engineering Co., Ltd. that specializes in engineering for all aspects of the oil and gas, chemical and petrochemical sectors.

In June, GE Oil & Gas announced that it had 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. At that time, the acquisition of the joint venture interest remained subject to customary closing conditions.

Historically, Beijing enCryo Engineering has been a reliable partner of the Salof Companies for projects in China, particularly because of its expertise in modularized plant design. GE Oil & Gas’ move to acquire Salof and an ownership interest in Beijing enCryo Engineering positions GE for further growth in the small LNG sector globally.

GE, already active in large-scale LNG technologies, recently launched LNG solutions with a significantly smaller footprint and capacity that are complementary to the type of projects that Beijing enCryo has supported in China.

Across the globe, the demand for small-scale LNG production is growing as 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.

Since 2010, Beijing enCryo Engineering has provided customers with expertise in project management, feasibility studies, basic design packages, front end engineering design and detailed design engineering. EnCryo also specializes in procurement and construction management, operator training, plant commissioning and plant startup assistance. The joint venture enables them to open new growth opportunities through expanded market options throughout Asia.

About GE
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.

About GE Oil & Gas
GE Oil & Gas is a world leader in advanced technologies and services with 43,000 employees in more than 100 countries supporting customers across the industry from extraction to transportation to end use. Our unrelenting commitment to the environment, health and safety, quality and integrity defines us: it’s The Way We Work.

We develop smart solutions for our customers across the oil and gas value chain delivering the innovation, customized service solutions, training programs and technology that helps them to maximize their efficiency, productivity and equipment reliability.

We partner with our customers to develop their next generation workforce; help them to fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.

Contacts
GE news, Masto Public Relations - E: information[.]mastopr.com.

Fabio Pianini, GE Oil & Gas
P: +39 342 391 3298 - E: fabio.pianini[.]ge.com.

Trevor Schauenberg, GE Corporate, VP Investor Communications
P: +1 203 373 2424 - E: trevor.a.schauenberg[.]ge.com.

 
 
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GE Closes on the Joint Venture Portion of its Salof Acquisition

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GE News Center | enCryo Engineering Co.
Publisher Contact: Sean Gannon - GE Oil & Gas 
212-587-5059 sean.gannon[.]ge.com
 
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