General Electric Co. (GE), has announced its intention to begin making sizeable acquisitions in Germany, as it looks to seize market share from competitors including Siemens AG.
GE, whose energy equipment provides more than a quarter of the world’s power, is focusing on energy-management businesses and companies involved in smart-grid software.
Stephan Reimelt, chief executive officer of GE’s Energy Germany division, did not identify who the company will be targeting but said in interview, “We will invest, we will make acquisitions and we will want to place our entire product portfolio here in Germany,” Reimelt said. “There are several interesting, profitable and innovative mid-sized companies that could fit.”
Germany is Europe’s biggest power market and has recently announced plans to replace its nuclear reactors with fossil fuel-fired plants and renewable-energy capacity, and build 4,500 kilometers (2,800 miles) of new power lines.
GE will boost hiring in Germany and is spending 10 million euros ($12.8 million) to expand a research center in Garching near Munich, Reimelt said.