FMC sale to General Electric will aid growth

SMARTGRID technology firm FMC-Tech has been sold to General Electric, in a move expected to result in rapid growth of the business in overseas markets.

The Shannon-based company said the value of the deal is not being disclosed, but have come well out of the transaction, it said.

The trigger for the deal has been the new management system developed for overhead electricity networks. FMC was just one of two European companies to have won General Electric’s $200m (€138m) “ecomagination” challenge in November 2010.