The players and the locations in power plant activity have radically changed in the last several decades. In the 1960s, Combustion Engineering (CE) was one of the premier NYSE stocks with a long record of growth and profits. The company dominated the steam turbine and coal-fired power plant supply industry worldwide. During the oil crisis of 1974 U.S., power plants panicked and ordered nearly 100 GW of new coal-fired power plants of which nearly half were tentatively awarded to CE. Most of these power plants were never built. In fact most were canceled and were not offset by other new projects. CE was also finding more competition from rivals in Europe and Japan relative to its international business. The CE profits disappeared and the company was sold under fire sale conditions to ABB. ABB then struggled and sold the former CE to Alstom. Click Here For Complete News Release Text
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