GE Energy Agrees to Sell Hydro Business to Pescarmona Group of Companiesadmin
General Electric Co. said Wednesday its GE Energy unit agreed to sell its hydro business to privately held Pescarmona Group of Companies.
Financial terms were not disclosed.
The sale includes GE Energy’s worldwide hydro business, excluding hydro operations in Norway and Sweden. GE said it’s considering an offer from Pescarmona Group for those as well.
GE Energy’s hydro unit, based in Schenectady, N.Y., employs about 2,000 people around the world.
The companies expect the deal to close during the first quarter of 2007.
GE shares added 9 cents to $38.10 in afternoon trading on the New York Stock Exchange.