The GEC and Alcatel partnership created GEC Alsthom in 1989. The Alstom conglomerate reached its absolute peak in operational size and diversification around 2001, following its 1998 IPO and its massive 1999–2000 joint venture and subsequent buyout of ABB’s Power Generation business.
1. The Core Power Generation Business (Thermal, Hydro, Wind)
Where it went: Acquired by General Electric (GE) in a massive €9.7 billion deal finalized in 2015.
Where it is now: Following the total corporate breakup of General Electric in April 2024, these legacy Alstom power assets (including steam, hydro, and offshore wind turbines) became a foundational pillar of GE Vernova, an independent, publicly traded energy company.
The Exception (Nuclear): To preserve French national sovereignty over its nuclear energy supply, Alstom’s steam turbine manufacturing for nuclear applications (the “Arabelle” turbines) was spun out and ultimately acquired by the French state-backed utility EDF.
2. High-Voltage Power Transmission (Alstom Grid)
Where it went: This sector went through a complex sequence of handoffs. Following Alstom’s financial restructuring in 2004, its Transmission & Distribution (T&D) business was sold to the French nuclear company Areva. In 2010, Alstom bought the high-voltage “Transmission” component back from Areva (rebranding it as Alstom Grid). In 2015, it was sold alongside the power division to General Electric.
Where it is now: Today, these high-voltage grid systems, network software, and substations reside within the Electrification segment of GE Vernova.
3. Medium-Voltage Power Distribution
Where it went: When Areva dismantled and sold its T&D assets back to French hands in 2010, the medium-voltage “Distribution” segment was split away from Alstom’s portion.
Where it is now: It was acquired by Schneider Electric, cementing their status as a global leader in network automation and medium-voltage infrastructure.
4. Industrial Turbines & Specialized Subcomponents
Industrial Gas & Steam Turbines: To stave off liquidation during the initial 2003 financial crunch, Alstom sold its small-to-medium industrial turbine business to Siemens for €1.1 billion.
Antitrust Divestments (Heavy Gas Turbines): During the 2015 GE acquisition, European antitrust regulators forced GE to sell off segments of Alstom’s heavy-duty gas turbine technology (specifically the GT26 and GT36 lines) to prevent a monopoly. These assets were acquired by Italy’s Ansaldo Energia.
Ljungström Air Preheaters: The specialized boiler and preheater asset acquired from ABB in 2000 was sold to the Triton-owned ARVOS Group in 2014.
Summary of the Business Dispersion
| Original Alstom Business (Peak ~2003) | Interim Owner(s) | Ultimate Destination Today |
|---|---|---|
| Heavy Thermal Power (Coal, Gas, Hydro) | GE Power (2015) | GE Vernova |
| Nuclear Steam Turbines (Arabelle) | GE Power (2015) | EDF |
| High-Voltage Transmission (Grid) | Areva (2004) → Alstom Grid (2010) | GE Vernova |
| Medium-Voltage Distribution | Areva T&D (2004) | Schneider Electric |
| Industrial Turbines | Sold in 2003 | Siemens Energy |
| Rail Transport (TGV, Metros) | Retained by Alstom | Alstom (expanded via acquiring Bombardier Transportation) |
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