New name for GE Brilliant Factory
Welland’s GE Brilliant Factory has a new name and owner after private-equity firm Advent International completed its acquisition of GE’s Distributed Power business.
Advent said Monday that it finalized the deal first announced in June and formed a new standalone energy company — INNIO.
“We are aware the sale has been completed … we are establishing a meeting with new owners,” said Welland Mayor Frank Campion.
Campion said the city is happy to have INNIO as the new owners of the 45,000-square-metre facility off Highway 140 between Buchner Road and Silverthorn Street.
The mayor said there was never any concern the new state-ofthe-art plant would close.
“It was purchased as a going concern … and is a brand new facility.”
Campion said he was last at INNIO just more than a month
ago and added the city will look to work with and help the new owners in any way it can.
“This is an exciting time to emerge as a standalone energy company,” INNIO president and chief executive officer Carlos Lange said in a news release. “With the continued growth of renewables across the globe and the increased emphasis on energy efficiency, INNIO is well-positioned to be a key enabler and integral part of the energy transformation.”
Emerging as the youngest energy company in the world, it carries over two powerful brands from GE — the Jenbacher and Waukesha gas engine product lines.
The deal with GE also includes digital platform and related services offerings, with main operating sites in Austria, Canada and the United States.
With the purchase, INNIO now has more than 80 years of reciprocating engine experience in distributed power generation and gas compression.
The company release said the global gas engine sector is a $5billion industry.
“It is a great pleasure to accompany INNIO as it emerges as a standalone energy company,” said Ranjan Sen, managing partner at Advent International.
“The Jenbacher and Waukesha product brands and technologies are recognized worldwide for their performance, reliability and technological excellence. We anticipate continued sustained growth in power generation and gas production technologies on a global scale.”