GE and Harbin Electric Form Joint Venture to Capture Growth Opportunities in China

GE GE today announced a joint venture with Harbin Electric Machinery Co., Ltd., a subsidiary of Harbin Power Equipment Co., Ltd., to manufacture and supply wind turbines to its customers in China. The deal enhances GE's ability to compete in China's $13 billion wind industry segment. The new company will manufacture GE-designed wind turbines for near-shore* and offshore applications in China. Under the new joint venture, HEC will own 51 percent and GE 49 percent of the company. As part of the overall wind partnership, HEC is purchasing a 49 percent interest in the existing GE Shenyang Wind factory, which will continue to manufacture land-based wind turbines.