General Electric Co. said Tuesday that it plans to buy Denmark-based LM Wind Power for $1.65 billion, as the company looks to add wind turbine blade design and manufacturing into its renewable energy business. GE expects the deal to close in the first half of 2017, and add to earnings in 2018. "This combination will help sustain growth in the wind power industry," said Jerome Pecresse, chief executive of GE Renewable Energy. "Simply stated, we'll be more local, have more flexibility and knowledge in turbine design and supply, and more ability to innovate and reduce product costs, while improving turbine performance." GE's stock, which was little changed in premarket trade, has lost 7.4% year to date through Monday, while the Dow Jones Industrial Average has gained 5.2%.
Continue Reading Below
Copyright © 2016 MarketWatch, Inc.