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Tuesday, June 18, 2019

Alstom News

Thomas Liew (Photo: Kreuz Subsea)

Kreuz Subsea Names Liew CFO

officer.Liew has more than 20 years’ experience in senior financial positions, leading multi-entity organizations in the Asia Pacific region and has been instrumental in driving growth and profitability through the implementation of key operating structures. His previous roles include VP Finance at ALSTOM Grid where he was CFO for ALSTOM’s EPC business in the Asia Pacific region. Prior to ALSTOM, Liew also held key finance and strategy positions with SONY Electronics Asia Pacific Pte Ltd, and SingTel Ltd.Liew’s appointment completes Kreuz Subsea’s leadership team. He is the company&rsquo

Siemens May Cut Jobs in Power Turbine Business Overhaul

could ultimately seek to tackle the large gas turbine business by striking a joint venture with a sizeable player, such as Mitsubishi Heavy Industries. Siemens has already taken steps to break up its lumbering conglomerate structure, including merging its rail business with that of French rival Alstom and the listing of its healthcare business planned for next year. According to Manager Magazin, management will present the restructuring plan for Power & Gas to labour representatives in early November. Siemens is due to publish fourth-quarter financial results on Nov. 9. Its rival General

France Approves of Siemens/Alstom Tie-up if Jobs Spared

 France has nothing against a potential tie-up between German engineering group Siemens and Alstom if the deal does not bring job cuts, the French government's spokesman said on Friday. Earlier on Friday, Le Monde newspaper reported Siemens was in advanced talks to combine its rail activities with Alstom in a deal that could be announced on Sept. 26. "It is important that we can strengthen our industrial sectors ... in partnership with Germany," government spokesman Christophe Castaner told journalists in response to a question about the tie-up. "There is no concern on the

Reimelt Named Head of GE Power Conversion

, operating in 160 locations worldwide, with more than 7,000 employees.  Under Mastrangelo’s leadership the backlog grew more than 70 percent in four years to reach $3.5 billion, being a crucial cornerstone for what will become a $13 billion Energy Management business when combined with Alstom Grid Solutions.    The company has repeatedly established the next generation of technology in fields such as renewables, oil and gas and marine. Power Conversion is opening new avenues with tidal energy, while making wind and solar more competitive for our customers and seamlessly integrated

France Picks: GE is the One for Alstom

France chose General Electric to form an alliance with Alstom on Friday - rejecting an offer from Siemens and Mitsubishi Heavy Industries - but said the deal still needed some work and added it would buy a 20 percent stake in the hotly-contested company. Economy Minister Arnaud Montebourg said he had used a newly- created state decree to reject both of the existing offers as not being in France's strategic interest, and had formulated fresh demands to GE Chief Executive Jeff Immelt. The decision ended weeks of suspense surrounding one of Europe's fiercest industrial battles in years, but left

French Finance Minister Michel Sapin

France Expects Better GE Offer For Alstom

  France expects General Electric to boost its bid for Alstom's power unit in response to a potential joint offer from Siemens and Mitsubishi Heavy Industries, Finance Minister Michel Sapin said on Sunday. Siemens and Mitsubishi are putting the finishing touches on an offer for Alstom's turbine businesses, including a cash element of roughly 9 billion euros ($12.3 billion), according to sources close to the bidders. That compares with the U.S. conglomerate's existing offer of 12.4 billion euros ($16.9 billion) for all of Alstom's energy assets. "Mitsubishi forming an

General Electric Co Chief Executive Jeff Immelt

GE CEO Immelt: Expects to Close Alstom Deal

General Electric Co Chief Executive Jeff Immelt said on Wednesday that GE is still going to "work constructively" with the French government on its bid for the power business of Alstom and that he expects the deal to close. GE has encountered resistance to its $16.9 billion proposal from the government, which has sought to encourage Germany's Siemens as a potential rival bidder. But Immelt told an investor conference on Wednesday that, "We wouldn't have started if we didn't think we could finish." "It's a deal that's executable. It's a deal we're experienced in. It's a

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