GE takeover of Alstom puts local employees in American company - WRCBtv.com | Chattanooga News, Weather & Sports

GE takeover of Alstom puts local employees in American company

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One of Chattanooga’s largest employers has a new owner. General Electric, Inc. completed its takeover of Alstom’s power and grid business this week. 

That means hundreds of Chattanooga employees now work for American-owned GE instead of French-owned Alstom.

The $10.6 billion deal moved Alstom’s power and transmission divisions to GE, which is based in Connecticut. Alstom was headquartered in Paris and many European executives made decisions for the local level. Local employees have been participating in meetings recently to understand the differences between Alstom and GE. 

READ MORE | Alstom in Chattanooga timeline

Steve Bolze, who heads Power and Water, said GE is in a better position to meet the world’s growing energy needs. GE now has the capacity to supply power to the entire United States.

"We've added now 35,000 employees to our business," Bolze said. "It's 65,000, and we're ready to step forward."

“The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation,” said Jeff Immelt, chairman and CEO, GE. 

“The complementary technology, global capability, installed base, and talent of Alstom power and water will further our core industrial growth. We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers.”

The sale comes after regulatory approvals from more than 20 countries and regions. The European Union approved the takeover in September after an eight-month investigation into whether it would distort the European market.

In late 2007, Alstom announced it would invest $200 million in a new manufacturing facility in Chattanooga and employ 350 people. The number of employees has fluctuated due to a downturn in nuclear power projects following the Fukushima disaster in Japan.

Company officials did not answer questions about future employment levels at the Chattanooga factory, which is a state of the art facility that officially opened in 2010. It is considered one of the most valuable assets of the GE deal.

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