General Electric and Hitachi announced a partnership that will combine their nuclear power units. The companies said the combination will enable them to "execute a single strategic vision" around capturing new opportunities in the evolving nuclear market. Combining operations also may give each company a better chance of capturing business in the other's home markets.
The Agreement
Each company will take ownership in the other's nuclear energy business lines, with GE taking a 20 percent stake in Hitachi's unit, and Hitachi, in turn, owning 40 percent of GE's nuclear business.
"This is truly a historic moment for our two companies," said GE Energy President and CEO John Krenicki. "Each business is contributing its existing nuclear power plant technology and service resources and assets to create a new alliance that will be the most comprehensive BWR technology and service provider in the world."
The companies said the combination will enable them to "execute a single strategic vision" around capturing new opportunities in the evolving nuclear market.
"By taking this bold step together, GE and Hitachi are ensuring that both companies will be strongly positioned to compete effectively and grow in a sector worth billions of dollars," Krenicki said.
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