General Electric's power systems subsidiary has acquired 90 per cent of a leading joint venture supplier of hydropower equipment, Kvaerner Hangfa, set up in 1995 with registered capital of US$25m.
Kvaerner Energy has sold its entire 61 per cent stake in the company, while the 39 per cent stake of the other former partner, Hangzhou Equipment Works, is to be cut to 10 per cent and transferred to its parent, Hangzhou Industrial Asset Management.