GE announced today that its energy business will pay $3.2 billion for 90 percent of Converteam, a designer and manufacturer of highly efficient power conversion systems. The French company has a 360,000 square foot facility on Central Avenue in northeast Minneapolis, which began life in the 1890s as Electric Machinery.
I have an email out to Converteam about the number of employees in Minnesota, but no word back yet. I'll update if I hear anything.UPDATE: Converteam has 241 employees in Minneapolis.
For those who don't have the time to follow the hyperlink above, here's what happens in Minneapolis:
