General Electric of Boston said Tuesday that it will purchase LM Wind Power, the Denmark manufacturer and supplier of rotor blades to the wind industry, for $1.65 billion.
LM Wind Power has an operation at the Port of Little Rock, where it employs about 450 people.
Since 2001, LM Wind Power has been owned by private equity firm Doughty Hanson of London. The acquisition by GE, subject to regulatory and governmental approvals, is expected to close in the first half of 2017.
In a news release, GE said it intends to operate LM Wind Power as a standalone unit within its GE Renewable Energy business.
"LM Wind Power will continue to be led by its existing management team and be headquartered in Denmark, where it also maintains a global technology center," the company said.
"Increasingly, wind turbine innovation is driven by system design, materials science, and analytics — all elements of the GE Store," Jérôme Pécresse, president and CEO of GE Renewable Energy said. "We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity. With our combined global footprint, we can build flexible solutions for customers around the world. This combination will help sustain growth in the wind power industry."
Marc de Jong, CEO of LM Wind Power, said the companies are "highly complementary," and that the deal positions LM Wind Power to "respond faster to customer needs and enhance performance of wind turbines."
LM Wind Power is GE's largest blade supplier. It has 13 factories in eight countries: Denmark, Spain, Poland, Canada, USA, India, China and Brazil.
LM Wind Power came to Arkansas in July 2007 and opened its North American headquarters at the Port of Little Rock in 2008.