GE exploring options for the sale of its water business, a leading producer of specialty chemicals and equipment for industrial and municipal water treatment.
GE said it expects to record a gain of up to $1 billion from the sale with proceeds targeted to fund restructuring and integration costs for the planned merger of its oil and gas unit with Baker Hughes, which was also announced today. GE expects to complete sale of the water business by mid-2017.
The divestment provides the waster business an opportunity to reposition for growth and further investment, GE said. “This platform that we have built has positioned us for success by driving customer efficiency, promoting global sustainability and innovating for a smart water future,” said Heiner Markhoff, president and CEO, GE Power, Water & Distributed Power. “The business is strong and will continue to be set up for future success.”
GE’s water unit has 7,500 employees globally. GE entered the water treatment business with its 1999 purchase of Glegg Industries. It has built the business through a series of acquisitions, including the 2002 acquisition of BetzDearborn from Hercules for $1.8 billion.
By Robert Westervelt
Source: Chemical Week
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?