* Deal expected to close in first half of 2017
* LM Wind Power to operate within GE's renewable energy unit
* LM Wind Power had 2015 revenue of 750 mln euros
(Adds details, background)
Oct 11 General Electric Co said it would
buy LM Wind Power, a maker of rotor blades used in wind
turbines, from private equity firm Doughty Hanson for $1.65
billion, as it looks to capture a bigger share of the
fast-growing renewable energy market.
GE separated its renewable energy business from its power
unit last year, following the $13.6 billion acquisition of
Alstom SA's power business.
Denmark-based LM Wind Power is the largest supplier of rotor
blades to GE, and the deal will help the U.S. industrial
conglomerate in-source turbine blade design and manufacturing,
the company said on Tuesday.
GE said it intends to operate LM Wind Power as a standalone
unit within its renewable energy operations.
LM Wind Power had revenue of 750 million euros ($840
million) in 2015. The company operates 13 factories in eight
countries including Denmark, Canada, the United States, India,
China and Brazil.
GE's renewable energy business generated $6.27 billion in
revenue in 2015, accounting for about 6 percent of GE's total
industrial segment revenue.
The company said it expected the deal to close in the first
half of 2017 and to add to earnings in 2018. [nBw5j3ZXma
GE also said on Tuesday that the integration of Alstom Power
was on track.
The company's shares were little changed in early morning
Up to Monday's close of $28.86, GE's shares had fallen 7.35
percent this year, compared with a 5.86 percent increase in the
S&P 500 index.
($1 = 0.893 euros)
(Reporting by Ankit Ajmera in Bengaluru; Editing by Sriraj