A large presence in Chattanooga, Alstom, is said to be in talks to be acquired by General Electric.

Alstom currently employs about 415 workers at two Chattanooga facilities, where the company makes turbines for use in hydroelectric power plants and boilers.

Bloomberg reports that an agreement may be announced as early as next week. The purchase would give GE control of Alstom’s power plant and transmission technologies, and poise GE for European expansion as the EU economy begins a rebound.

General Electric is a large U.S. company that makes jet engines and locomotives. The French Alstom, in addition to turbines, also sells high-speed TGV trains and rail signals.

The sale would be a rare example of a major French company being taken over by a U.S. rival.

GE has been shifting its focus toward business units that make jet engines, locomotives and industrial equipment and shrinking the finance division, called GE Capital, which imperiled the company during the global financial crisis.

Alstom has been selling assets to cut costs and reduce debt.

If the deal goes though, it would be GE’s biggest acquisition ever.