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
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