GE acquires wind turbine blade maker for $1.65B

General Electric bolstered its renewable energy business with a $1.65 billion acquisition of a Denmark-based manufacturer of wind turbine blades.

GE said Tuesday that it had reached a deal to acquire one if its key suppliers, LM Wind Power, which has 13 factories in eight countries.

The deal is expected to be finalized in the first half of 2017 and begin contributing to GE's bottom line in 2018.

"We, along with LM Wind Power, have a deep pipeline of technical innovations that can further reduce the cost of electricity," said Jérôme Pécresse, CEO of GE's renewable energy unit, in a statement. "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."

GE said LM Wind Power would operate as a stand-alone division, maintaining its headquarters and executive team.

The deal does not preclude GE from purchasing wind turbine blades from other manufacturers.

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