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GHGT acquires gas turbine business of MAN Energy Solutions
DATE:2023-6-21 14:00:00    Editor:Admin

Beijing, 21st June 2023. CSIC Longjiang GH Gas Turbine Co., LTD. (“GHGT”) acquires the gas turbine business of MAN Energy Solutions SE (“MAN ES”). A corresponding Assets Purchase Agreement was signed today by both parties.

GHGT is affiliated to China State Shipbuilding Corporation Limited (“CSSC”), and it is a subsidiary of the No. 703 Research Institute of CSSC, which specializes in the small and medium-sized gas turbine industry. GHGT is committed to building a small and medium-sized gas turbine industrial system integrating R&D, production, and life-cycle services, providing users with 5~50MW serialized products and services with advanced performance. The seller of this transaction, MAN ES, belongs to the German Volkswagen Group and is a world-renowned supplier of engines and turbomachinery. Its MGT series gas turbine products combine the most advanced technology and future-oriented design in the industry and have excellent sustainable development attributes.

The acquisition of GHGT includes the complete value chain of MAN ES gas turbine business, including two product centers in Oberhausen, Germany and Zürich, Switzerland, R&D, service and sales teams and all related businesses. After the acquisition, the European R&D and service center has become an important fulcrum of its global strategy. GHGT will continue to develop new products and new technologies, accelerate industrial integration, and build a global service network closer to the user side.

"The acquisition of the MAN ES gas turbine business is based on the major decision made by GHGT for advanced technology and globalization strategy, which is in line with China's and even the world's "Carbon Peak & Carbon Neutrality" strategy for the development of energy equipment. GHGT has been focusing on the research and development of small and medium-sized gas turbine products and related cutting-edge technologies. Through this acquisition, it will accelerate the construction of our product spectrum and global supply chain and help GHGT to become a world-class small and medium-sized gas turbine enterprise. We are fully aware that the teams from Oberhausen, Germany and Zürich, Switzerland are one of the important forces to achieve the strategic goals. Therefore, we will make a series of efforts, starting from the establishment of a corporate culture of mutual trust and mutual integration, to create a highly reliable and more professional development platform for all foreign transferred employees,” said Lin Feng, the Board Chairman of GHGT.

GHGT and MAN ES have signed cooperation agreements to ensure the smooth closing of the acquired business and successful operation during the transition period. At the same time, the two parties will carry out global cooperation in the field of low-carbon equipment, provide users with more efficient decarbonized energy equipment solutions, and make further contributions to global carbon reduction.

The transaction is still subject to approval by the relevant government regulators in China and Germany. Neither party to the transaction disclosed any financial information related to the transaction.

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