GE Oil & Gas, the subsidiary of General Electric (NYSE: GE), reported Wednesday it agreed to acquire a minority stake in China's Shenyang Turbo Machinery Corp., according to Associated Press.
Financial terms of the deal were not disclosed.
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The agreement expands GE Oil & Gas's presence in China, expanding the company's energy infrastructure projects in the country.
Shenyang Turbo Machinery is a subsidiary of Shenyang Blower Works Group Co. Ltd. (SBW Group), a maker of technology equipment that GE Oil & Gas has worked with in the past to supply turbomachinery equipment to Petrochina and to develop the West-to-East gas pipeline infrastructure project, which goes through 13 provinces and autonomous regions.
Shares of parent General Electric Co. fell 4 cents to $16.50 at Friday’s close.
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