GE spends $3.2bn on Converteam

General Electric (GE) yesterday reached a $3.2bn (£2bn) cash deal to acquire a French maker of high-efficiency motors used in the oil and gas sector, pouring more money into its most profitable division. The largest US conglomerate said its acquisition of Converteam, which reported 2010 revenue of $1.5bn , would boost its offering of equipment used across the energy industry. GE has made roughly $14bn worth of acquisitions over the past year, mostly in the energy sector, to steer the firm away from its reliance on financial services.