GE Power Systems has acquired majority ownership of Kvaerner Power Equipment Co. Ltd (Kvaerner Hangfa) of Hangzhou, China, one of the leading suppliers of hydropower generation equipment in the country. Kvaerner Hangfa, an equity joint venture established in 1995, is owned 61% by Norwegian Kvaerner Energy and 39% by the state-owned Hangzhou Electric Equipment Works (Hangfa). It has been a global manufacturer supplying water to wire package of hydropower equipment up to 150 MW. The new company will be named GE Hydro Asia Co. Ltd. GE will have 90% ownership while Hangzhou Industrial Asset Management Co. Ltd, Hangfa’s parent company, will remain a minority owner with 10%. The new business will become part of global operations of GE Hydro, a division of GE Power Systems.