2025

• Acquiring the remaining 50% stake of the joint venture from Xignux; a highly attractive, accretive acquisition of a leading grid equipment supplier
• Accelerates growth for GE Vernova’s Electrification segment, the company’s fastest-growing segment, while strengthening its ability to serve customers, especially in North America
• Prolec GE expects $3B in revenue at ~25% adjusted EBITDA margin* in 2025 with low double-digit revenue growth in the coming years
• $5.275B purchase price at closing, expected to be funded equally with cash & debt.

 

CAMBRIDGE, Mass. (October 21, 2025) – GE Vernova Inc. (NYSE: GEV) today announced that GE Vernova will acquire the remaining fifty percent stake of Prolec GE, its unconsolidated joint venture with Xignux, further positioning GE Vernova as a global leader serving growing grid markets. The deal will accelerate GE Vernova’s Electrification segment’s growth trajectory, the company’s fastest-growing segment, by expanding its presence in and support for North America, where demand for grid technologies is rising rapidly. This acquisition expands GE Vernova’s capability to serve both North American and global customers, at a time in which these markets are experiencing rapid electricity demand growth, driven in part by the growth of data centers and new policies implemented to expand the deployment of critical grid and electrification equipment.

Prolec GE is a leading grid equipment supplier, producing transformers across most ratings and voltages with approximately 10,000 global employees across seven manufacturing sites globally, including five in the U.S. The joint venture was originally established between Xignux and General Electric (GE) in 1995, and this acquisition consolidates Prolec GE after 30 years of partnership.

“We’re excited to execute this highly attractive and strategic move to acquire full ownership of our Prolec GE joint venture from Xignux, which accelerates GE Vernova’s global strength in grid technologies,” said GE Vernova CEO Scott Strazik. “This acquisition aligns with our strategic and financial objectives and is also good for our customers by strengthening our presence in North America where demand for grid equipment is growing rapidly. The deal is immediately accretive before synergies, with a partner we know well, and will drive additional profitable growth for GE Vernova. I want to thank the teams at both companies and look forward to welcoming the Prolec GE team to GE Vernova.”

“We have taken this decision with full conviction after years of valued partnership with GE and GE Vernova. This transaction provides the opportunity for this business and team to continue their growth under the capabilities of a global leader,” said Xignux CEO Juan Ignacio Garza Herrera. “We reaffirm our commitment to México and will continue driving our other businesses in North America by investing in innovation, technology and expansion, while contributing to the development and integration of the region. I want to express my deep gratitude to all Prolec GE employees, whose talent, commitment, and dedication have been essential.”

Recent Prolec GE capacity expansion and innovation investments exceed $300 million in the U.S. and Mexico, including a recently announced $140 million investment and the creation of 330 new jobs over the next three years in Goldsboro, NC.

Under the purchase agreement, GE Vernova will pay $5.275 billion at closing, expected to be funded equally between cash and debt. The acquisition is expected to close by mid-2026, subject to the completion of customary regulatory approvals.

GE Vernova will discuss the transaction during an extended third quarter earnings conference call tomorrow at 7:30 AM Eastern Time. Materials related to the transaction have been posted on GE Vernova’s Investor Relations website at www.gevernova.com/investors/events.

Stand-alone Prolec GE Financials ^-a)

Anticipated Deal Funding Structure

Morgan Stanley & Co. LLC acted as financial advisor to GE Vernova on the transaction and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel to GE Vernova. J.P. Morgan Securities LLC advised Xignux and Sidley Austin LLP served as legal counsel to Xignux.

* Non-GAAP Financial Measure
(a – forecasts prepared by GEV from data provided by the joint venture under the joint venture’s accounting policies, excluding any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence
(b – current GEV adjusted EBITDA* includes equity method income from Prolec GE, which equaled $17M in 2022, $93M in 2023, and $105M in 2024

###

About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with approximately 75,000 employees across approximately 100 countries around the world.

Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future.

GE Vernova currently employs approximately 18,000 people in the United States of America across all 50 states. With more than 129 years of experience in Mexico, GE Vernova today employs over 1,700 people across five sites, and its equipment provides 38 GW of electricity generating capacity—nearly 42% of the country’s total—through advanced technologies including eight HA gas turbines, the Laguna Verde nuclear plant, and one of the world’s largest fleets of F-class gas turbines.

About Xignux
Xignux is a leader in the energy and food industries. Based in Monterrey, México, we manage a variety of companies that energize life and society to contribute to a better world, thanks to the hard work and talent of more than 33,000 employees in México, the United States, and Brazil. In the energy industry, Viakable offers electrical conductors, and Prolec GE specializes in energy transformation and delivery. In the food sector, Qualtia provides a wide portfolio of cheeses, cold cuts, meats, and food service, while BYDSA produces savory snacks. Through its Social Responsibility model and the Xignux Foundation, the company also contributes to society’s sustainable development with active participation in four priority areas: energy, nutrition, education, and community development. Xignux was founded 69 years ago and the solutions from its companies reach over 35 countries. Learn more about Xignux at www.xignux.com or follow us on LinkedIn Xignux.

Non-GAAP Financial Measures
Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin*
Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We believe that Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* provide additional insight into how the business is expected to perform, on a normalized basis. However, Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* should not be construed as inferring that Prolec GE’s future results will be unaffected by the items for which the measures adjust. We cannot provide a reconciliation of the differences between Prolec GE’s expected Adjusted EBITDA* and Adjusted EBITDA margin* and the corresponding GAAP financial measures without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain items, including the applicable tax rate, foreign exchange rates, the impacts of depreciation and amortization, and changes to conform accounting to U.S. GAAP.

Prolec GE free cash flow*
Prolec GE’s free cash flow* is a non-GAAP financial measure and is a forecast of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We cannot provide a reconciliation of the differences between Prolec GE’s free cash flow* and the corresponding GAAP financial measure without unreasonable effort, including due to the uncertainty of timing for capital expenditures and changes to conform accounting to U.S. GAAP.

GE Vernova Forward-Looking Disclaimer
This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, our agreement to acquire Xignux’s 50% GE Prolec JV interest, the expected financing for that acquisition, expected synergies, our capital allocation strategy, the expected performance of GE Vernova’s products and those it expects to acquire, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

See original press release on the GE Vernova website.

CANOAS, RS, BRAZIL – October 31, 2025 – Prolec GE participated in CIGRE-Brazil’s SNPTEE 2025, held in Recife, Pernambuco, from October 19 to 22. The event brought key players together from the power sector to discuss innovation, performance, and the future of energy systems.

Throughout the conference, Prolec GE welcomed visitors to its booth and hosted technical sessions focused on transformer performance, reliability, and economic evaluation:

• Evaluation of Economic Losses in Power Transformers – A Comparative Study with ONS Network Procedures presented by Paulo Bicca, transformer design engineer at Prolec GE Brazil. The research was co-authored by Ito Capinos, electrical engineer and expert at Prolec GE Brazil, and developed for the CIGRE Brazil Study Committee on Transformers, Reactors, Materials, and Emerging Technologies.

 Read the full paper in Portuguese here.

• Specification for Transformers and Reactors presented by Augusto Cravo, electrical calculations specialist, and Mauricio Fleck, engineering manager at Prolec GE Brazil.

This research reflects Prolec GE’s commitment to innovation, efficiency, and technological advancement in the electrical sector — always striving for performance you can trust.

See highlights:

CANOAS, RS, BRAZIL – August 18, 2025 – On August 12 and 13, 2025, Prolec GE Brazil hosted its first Prolec Day, a technical seminar that brought together more than 50 industry experts and key decision-makers from across the Brazilian energy sector.

The event was held in Canoas, Rio Grande do Sul, and included participation from Latin America’s major power generation and transmission companies, regulatory authorities, strategic partners, and Prolec GE subject matter experts, creating a technical environment for knowledge exchange and collaboration. Over one and a half days, participants engaged in in-depth technical presentations, interactive Q&A panels, and a guided tour of our Canoas manufacturing facility, which celebrates 65 years of history and 5 years as part of the Prolec GE joint venture this year.  

The seminar addressed critical topics such as:

• Specifications for transformers and reactors
• Treatment of active parts and insulating oil
• Testing procedures for transformers and reactors 
• Market outlook and future trends
• Installation and maintenance of power transformers – by our partner TDM 
• Operational excellence: our synchronized manufacturing systems and continuous improvement initiatives

Beyond the technical discussions, Prolec Day served as a platform for meaningful connections, reinforcing our belief that while technology drives progress, strong relationships make it sustainable.

This event marks the beginning of a new chapter in our commitment to innovation, operational excellence, and collaborative growth. We thank all participants, speakers, and strategic partners who contributed to the success of this milestone event.

Browse the photo gallery:

Prolec GE’s recent announcement to invest $140M to double medium power transformer manufacturing capacity in Goldsboro, North Carolina, will help the U.S. meet its electrification goals while working together with utilities to improve grid resiliency, efficiency, and reliability on our journey toward a sustainable energy future.

 

• Prolec GE plans to double its Goldsboro, NC production output of medium power transformers with a new vertically integrated manufacturing facility.
• Recent Prolec GE North American capacity expansion and innovation investments exceed
  $300 million U.S.
• Today’s announcement reinforces Prolec GE’s commitment to helping secure the U.S. electrical grid.

Goldsboro, North Carolina, May 14, 2025 – Transformer solutions provider Prolec GE, a joint venture between Xignux and GE Vernova, in conjunction with North Carolina Governor Josh Stein today announced an additional manufacturing investment of $140 million to meet unprecedented North American demand for medium power transformers. Prolec GE will add a projected 200 units per year to its Goldsboro production schedule by constructing and equipping a new 144,000 square foot facility adjacent to its existing plant. The new line will be completely self-contained, including its own core cutting, coil winding, assembly, and testing capabilities, and will require the addition of more than 330 full-time production, maintenance, supervisory and engineering positions over the next three years. The economic development announcement event was held at Goldsboro’s Maxwell Center and hosted by the Wayne County Development Alliance.

“We are thrilled to have Governor Stein with us today as we publicize this expansion that will double our manufacturing capacity in Goldsboro by 2030. We extend our gratitude to the state of North Carolina for its partnership in helping us maintain our commitment to supporting North America’s electrification goals and an efficient, sustainable U.S. electrical grid while supporting our mission of energizing life and society in contribution to a better world,” said Xignux CEO and Prolec GE Chairman Juan Ignacio Garza Herrera.

In recognition of the significant economic impact on eastern North Carolina, Prolec GE’s investment will be complemented by state and local grants and incentives, including $7.3 million from the state and $5.5 million from Wayne County. The company was also awarded a federal tax credit for this project under the Advanced Energy Project Tax Credit Program.

“The U.S. Department of Energy has played an essential role in driving meaningful progress by investing in critical electrical grid manufacturing advancements,” stated Garza. “Our project qualified for a federal tax credit under the Advanced Energy Project Tax Credit Program in recognition of our promise to expand domestic production of essential electrical grid components and create high-quality jobs, increasing the availability of affordable, reliable electricity powering U.S. growth. We are deeply grateful to the federal government leaders involved in fostering this public-private collaboration that serves both national and economic security interests.”

This latest Prolec GE announcement raises the company’s recent investment commitment to its North American customers to more than $300 million. In 2024, Prolec GE initiated its plans to double production of single-phase pad-mount transformers for its North American utility customers and announced the completion of a new manufacturing line in Shreveport, Louisiana that will produce over 1,500 three-phase pad-mount transformers per year for its renewable energy and industrial customers in the U.S. The company also finalized facility layout improvements that resulted in an approximate 15% capacity increase for both voltage regulators and network transformers and began optimizing power transformer processes to increase throughput and decrease manufacturing cycle times.

About Prolec GE

Prolec GE is a joint venture between Xignux and GE Vernova, internationally recognized for quality manufacturing and reliable performance for over 30 years. The company is an electric industry leader in the Americas with nine manufacturing facilities strategically located in Mexico, the United States, and Brazil and an installed product base in over 35 countries. Its broad power transformer services offering in the U.S., as well as its wide variety of high voltage transformer components, complement Prolec GE’s full line of transformer solutions for the generation, transmission, and distribution of electrical energy for utilities, co-ops, municipalities, renewable project developers, data centers and original equipment manufacturers. As a leading supplier in the industry, Prolec GE embraces its commitment to providing an exceptional customer experience, superior quality products, comprehensive solutions and on-time deliveries while actively developing innovative, responsible, and sustainable solutions to solve the industry’s challenges. To learn more, visit www.prolec.energy/prolecge or follow us on LinkedIn.

About Xignux 

Xignux is a leader in the energy and food industries. Based in Monterrey, Mexico, Xignux manages a variety of companies that energize life and society to contribute to a better world, thanks to the hard work and talent of more than 33,000 people in Mexico, the United States, and Brazil.​ ​In the energy industry, Viakable offers electrical conductors, and Prolec specializes in energy transformation and delivery. In the food sector, Qualtia provides a wide portfolio of cheeses, cold cuts, meats, and food service, while BYDSA produces savory snacks. Through its Social Responsibility model and the Xignux Foundation, the company also contributes to society´s sustainable development with active participation in four priority areas: energy, nutrition, education, and community development.​ ​Xignux was founded 68 years ago and the solutions from its companies reach over 35 countries. Learn more about Xignux at www.xignux.com and LinkedIn Xignux.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with more than 75,000 employees across 100+ countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn.

Avoided Emissions Certificate

Prolec GE recently participated in Fiema Brasil 2025, one of the most important environmental sustainability events in southern Brazil. Held in Bento Gonçalves, Rio Grande do Sul, on May 20-22, the 10^th edition of this conference brought together industry leaders to showcase innovations and best practices in sustainability and attracted more than 8000 visitors.

During the event, Prolec GE received the Avoided Emissions Certificate as part of the ProAmb ReCO₂nhece Program, an award based on international standards such as the GHG protocol and IPCC guidelines that publicly recognizes companies that choose responsible waste disposal methods through blending for co-processing, a practice that significantly reduces CO₂ emissions. The program quantifies greenhouse gases prevented from being released into the atmosphere and recognizes companies that meet the certificate’s strict criteria.

In 2024, Prolec GE directed 169 tons of industrial solid waste to blending for co-processing — a technique used that replaces fossil fuels with energy-rich waste (refuse-derived fuel, or RDF). This action resulted in the avoidance of 14.18 tons of CO₂ equivalent emissions, reinforcing our commitment to environmental responsibility through a circular economy in alignment with our business strategies that support reduction of environmental impacts across our operations.

Fiema Brasil is a realization of the ProAmb Foundation and is part of a movement that the foundation has been leading for almost 35 years: the purpose of leaving a better world for people and better people for the world. A leader in environmental solutions in Rio Grande do Sul and recognized for excellence in the provision of services, Proamb endorses, with its expertise, the promotion of a fair that is both a generator of business and a transformation of society.

Read more about our Social Responsibility Commitment.

Ciudad del Este Paraguay hosted the 20th Ibero-American Regional Meeting of CIGRE (ERIAC), the most important international seminar in the electric power sector across the Ibero-American Region of CIGRE (RIAC). Organized by the Paraguayan National Committee of CIGRE with support from the Itaipu Binacional hydroelectric plant, the event took place May 25-29, 2025, bringing together more than 800 professionals and experts from countries such as Brazil, Mexico, Spain, Portugal, Colombia, Chile, Argentina, and Peru.

Prolec actively participated in the event, standing out with two presentations by Juan Castellanos, technical team leader. Topics included VG-100^®—a biodegradable, natural ester dielectric fluid with high thermal performance and low environmental impact—and the flexible transformer, an autotransformer that is adaptable to various operating conditions with greater efficiency. Both technologies were developed and patented by Prolec. The latter presentation was recognized as one of the best of the event. This recognition highlights Prolec’s innovation capabilities and its commitment to technological advancement in the electric power sector.

Overall, the event featured technical sessions from CIGRE’s 16 Study Committees, an expo, the Forum of Nations, and panel sessions, including the Next Generation Network (NGN) and Women in Energy (WiE). Participants also took part in technical tours and a closing ceremony where the best presentations were recognized.

See more photos.