December 23, 2008
GE Provides $270 Million Senior Credit Facility to Leading Distributor of Roofing Materials
GE Capital’s Global Sponsor Finance business today announced it served as administrative agent and co-syndication agent for a $270 million senior secured asset based revolving credit facility in support of Bradco Supply Corporation, a portfolio company of Advent International. GE Capital Markets and Bank of America Securities LLC served as joint lead arrangers and joint book runners.
December 16, 2008
GE Provides Outlook for 2008 and 2009
- Reconfirms December 2, 2008 earnings per share (EPS) outlook of $.50-.52 excluding charges ($.36-.42, including charges), and full-year 2008 EPS of $1.78-1.84
- Plans for 0-5% Industrial earnings growth and approximately $5 billion of financial services earnings in 2009
- Maintains annual dividend at $1.24 in 2009
- Eliminates quarterly EPS guidance but will provide full year operating framework
- Will continue to run Consumer & Industrial (C&I) as part of the portfolio
GE to Combine Video Surveillance and Radiation Detection to Enhance Nuclear Threat Detection in Public Settings
GE Global Research, the technology development arm for the General Electric Company today announced it has been awarded $4.2 million from the U.S. Department of Homeland Security (DHS) to develop an integrated imaging system that combines state-of-the-art video surveillance technology with breakthrough radiation detection capabilities. This new system would provide law enforcement and security personnel with a new tool to protect people from radiological and nuclear threats in a variety of commonly trafficked public settings such as:
- Government buildings, plazas and other common public areas
- Subway terminals
- Bridges and tunnels
- Airport checkpoints
- Sports stadiums
Government of Iraq Signs Power Generation Agreement with GE Energy Valued at Approximately $3 Billion
The Iraqi Ministry of Electricity and GE Energy announced today at a ceremony in Baghdad that they have signed an agreement for power generation equipment and services valued at nearly $3 billion to provide much-needed electricity to support Iraq’s future economic development. The announcement is a significant milestone as the country seeks to rapidly develop its energy infrastructure and increase its electricity production. Under the agreement, GE Energy is providing heavy-duty frame 9E multi-fuel gas turbines capable of supplying 7,000 megawatts (MW) of electricity. The Government of Iraq plans to install the units at key sites around the country to provide needed support for the electricity grid. GE’s 9E gas turbine technology has proven reliability and performance in more than 400 applications worldwide.
December 15, 2008
First Asia-Pacific Renewable Energy Trust Formed by Conergy Subsidiary EPURON and GE with US$250 Million Target
EPURON Pte. Ltd. Singapore, a regional subsidiary of the Conergy Group in Asia-Pacific, and GE (NYSE: GE) unit GE Energy Financial Services have launched Asia-Pacific's first renewable energy private trust to spur their growth and investments in wind, solar, small hydroelectric, biogas and biomass power generation throughout the region. The Renewable Energy Trust Asia (“RETA”) is an investment vehicle focused on the US$7 billion annual renewable energy markets of India, the ASEAN countries and South Korea. It plans to build a portfolio of some 200 megawatts through potential investments totalling US$250 million (S$380 million) within the next five years. With an 80 percent stake, GE Energy Financial Services will serve as RETA’s anchor investor. In addition to maintaining its core expertise in greenfield development, EPURON will hold a 20 percent stake in RETA and act as its Trustee-Manager. EPURON will be responsible for project development, debt financing, acquisition of hardware and supervision of the construction of renewable energy projects. After projects have been completed, EPURON will manage them. RETA will acquire and operate renewable energy projects from both EPURON and third parties and expects to make its first investment within a year. GE Energy Financial Services will share expenses, deciding on each proposed investment when presented. Financial details were not disclosed.
December 02, 2008
GE Provides Updated Strategic Framework for GE Capital and Total Company 4Q ’08 Outlook
Highlights and Outlook (Continuing Operations)
- Diversifying funding, shrinking portfolio, reducing leverage, and focusing on highest-return businesses at GE Capital
- Establishing GE Capital framework to earn approximately $5 billion in 2009; Positioned to return to double-digit earnings growth in 2010
- Total Company’s 4Q 2008 earnings per share (EPS) are trending toward low end of range; $.50-.52, excluding potential charges
- Evaluating restructuring and other charges to accelerate cost out and reviewing losses in current credit environment…expecting $1.0-1.4 billion after tax charge
- GE Capital expects to earn $8 billion in 2008 with a return on equity (ROE) of 15%; GE Capital Finance expects to earn approximately $9 billion
- Total Company to earn more than $19 billion for 2008, excluding potential charges; or more than $18 billion for 2008, including potential charges
- Plan to maintain $1.24 per share dividend in 2009
November 25, 2008
Plutonic Power, GE Submit Bids for More Than $4 Billion in Hydroelectric Projects, Canada’s Largest
Plutonic Power Corporation joined with GE Energy Financial Services, a unit of GE, today in submitting two bids for hydroelectric power projects costing more than $4 billion, which would be Canada’s largest single private sector hydroelectric generation investment. The submissions into BC Hydro’s 2008 Clean Power Call outline the development of approximately 1,200 megawatts of clean, run-of-river hydroelectric capacity (enough to power 330,000 homes) in the Toba and Bute Inlets along British Columbia’s southwest coast, where GE and Plutonic Power Corporation are already building a 196-megawatt hydroelectric project.
Pakistan Utility Signs Contract with GE Energy to Fast Track Power Supply in Port City of Karachi
Delivering on a commitment to reduce the number of rolling blackouts in Pakistan’s southern port city of Karachi, the new management of the utility Karachi Electric Supply Company Limited (KESC) has ordered 64 of GE Energy’s Jenbacher gas engines to supply 180MW of urgently needed power to the local grid. The milestone contract was signed November 22. Karachi has been facing an average daily shortage of 500MW in electricity, forcing KESC to impose rolling blackouts called “load shedding” to prevent the city’s grid from being further overwhelmed. To reduce the need for load shedding during the daytime, KESC is installing 64 of GE’s J620 natural gas-fueled engines in two power plants at separate sites in Karachi, where the engines will replace existing, outdated turbines.
Sonelgaz Signs $1 Billion in Service Agreements with GE Energy, Targeting Improved Efficiency, Output for Algerian Power Plants
Taking another important step toward meeting Algeria’s growing energy needs, state-owned power company Sonelgaz has signed service agreements with GE Energy worth more than US $1 billion. The service agreements will help to improve efficiency, output and reliability of 51 gas turbines installed in 13 power plants across the country.
The agreements include:
- An 18-year contractual service agreement (CSA) for the Koudiet Eddraouch power plant in El-Tarf province, 700 kilometers east of Algiers. This agreement follows the June 10, 2008 announcement that GE Energy will supply three F-class gas turbines for this new plant.
- A six-year maintenance program covering 48 gas turbines at 12 other Sonelgaz power plants across the country.
- The supply of “value packs” which can help increase the output of the gas turbines, along with upgraded Mark VI control systems. A GE value pack is an uprate service that can help improve the reliability, performance, efficiency, configuration and safety of equipment.
November 24, 2008
GE Oil & Gas Sets Installation Record in China
GE Oil & Gas recently completed work ahead of schedule for two of the final four compression stations being built for an expansion of China's landmark West-to-East Gas Pipeline, increasing the supply of natural gas to Shanghai prior to the upcoming harsh winter season. First firing of the gas turbine-driven compressor unit at the Yanchuan compressor station was achieved on October 11, more than two months ahead of schedule. The total project was finished in just over three months, 46% faster than previous installations on the pipeline, which is a new record for GE Oil & Gas. The Yanchuan station is increasing the flow and pressure in the last section of the pipeline.
November 20, 2008
GE Co-Leads $400 Million Credit Facility for JBS USA, Inc.
GE Capital’s Corporate Lending business today announced it co-led a $400 million asset-based credit facility for JBS USA, Inc., the U.S. subsidiary of JBS S.A., the world’s largest beef producer and exporter. The loan will be used for working capital needs. GE Capital Markets acted as co-lead arranger on the transaction.
November 18, 2008
GE Healthcare Announces Three Groundbreaking Digital Programs with Leading Medical Institutions
GE Healthcare, a unit of General Electric Company today announced three initiatives to deliver the future of healthcare information technology (IT). Through collaborations with leading medical institutions, including Aspetar Hospital, Qatar Foundation, Intermountain Healthcare, Mayo Clinic Rochester, Montefiore Medical Center and the University of California San Francisco Medical Center (UCSF), GE is helping to deliver the promise of lower cost, higher quality healthcare that spans the entire continuum of care – from the doctor’s office to the patient’s home.
October 30, 2008
GE Healthcare’s Clinical Systems division with five new rural products to be launched by 2010
56% of China’s population is considered rural, representing an estimated $500MM market for medical equipment
By 2010, GE Healthcare’s Clinical Systems division will look to add five new products to its current commitment of one product every six months
GE Healthcare intends to increase by 20% the number of local engineers located in Wuxi to design and manufacture rural products
GE Healthcare has a unique position as a rural health innovator, bringing together global innovation with Chinese R&D, sourcing and manufacturing. This approach for the rural market enables the company to provide innovative, high quality diagnostic products enabling ease of use, affordability, and reliability
GE Healthcare Completes Acquisition of Vital Signs, Inc., Expanding GE's Monitoring, Anesthesia and Respiratory Care Offerings
GE Healthcare, a unit of General Electric Company announced today the completion of the acquisition of Vital Signs .Vital Signs is a global provider of medical products applicable to a wide range of care areas such as anesthesia, respiratory, sleep therapy and emergency medicine. Vital Signs has a broad product offering of innovative single-patient use products which offer significant cost advantages and improved patient care features, including reducing the likelihood of transmitting infections from one patient to another. Vital Signs will become part of GE Healthcare’s Clinical Systems business, a world-class provider of advanced technologies for patient monitoring, anesthesia delivery and acute respiratory care. The strong strategic fit between the two businesses will offer substantial customer benefits through complementary product and service offerings.
October 22, 2008
Pacific Gas and Electric Plans to Deploy up to 3.3 Million GE Meters Equipped with SmartMeter™ Technology by 2011
Pacific Gas and Electric (PG&E) of California plans to deploy as many as 3.3 million GE meters equipped with SmartMeter™ technology to utility customers in northern and central California. These meters will help customers manage their energy consumption and costs, while helping the utility improve customer service. Overall, PG&E plans to deploy 10.3 million SmartMeter gas and electric meters by the end of 2011 to virtually all of its customers. Most electricity customers currently pay one set price for electricity, even though the cost to produce electricity tends to be higher during peak hours and lower during off-peak hours. With "time of use" pricing, smart meter technologies may offer lower prices during off-peak periods, empowering participating consumers to better manage their consumption—and ultimately—how much they pay for electricity.
October 15, 2008
GE Corporate Lending Increases Project Financing for Severstal Columbus to $577.5 Million
GE Commercial Finance Corporate Lending today announced a $100 million increase in senior secured financing for Severstal Columbus, a next generation steel mill based in Columbus, MS. This increase in funds brings the total project financing for the company, formerly known as SeverCorr, to $577.5 million. GE Capital Markets arranged the transaction as co-lead arranger. The loan will be used to expand the mill, doubling its steel producing capacity to 3 million tons per year. The greenfield construction of the Severstal Columbus mill, owned by OAO Severstal, a leading global metals and mining company, began in 2005 with project financing led by GE Corporate Lending. With the first phase of construction complete, the mill currently has capacity to produce 1.5 million tons per year of high quality, flat-rolled steel for the growing southern U.S. steel market.
October 10, 2008
GE Reports Third Quarter 2008 Earnings of $4.5 billion; Revenues of $47.2 billion, up 11%; Infrastructure Orders of $23 billion, up 9%; On Track to Earn ~$20 billion in 2008
GE announced today third quarter 2008 earnings from continuing operations of $4.5 billion, or $.45 per share, down 12% and 10%, respectively, from third quarter 2007, driven primarily by a decrease in financial services earnings. Third quarter revenues from continuing operations were $47.2 billion, up 11%.
Other Highlights (Continuing Operations)
· Industrial organic revenue growth of 10%; total organic revenue growth of 3%
· Global revenue growth of 14%; global industrial revenue growth of 20% · Total orders backlog of $170 billion; equipment backlog up 19%; service backlog up 22%
· ROTC of 17%; Industrial CFOA growth of 5%
· Higher loss provisions of $0.5 billion
October 06, 2008
Lorraine Bolsinger Named President and CEO of GE Aviation Systems;Steve Fludder Named Vice President, ecomagination
GE Chairman and CEO Jeff Immelt today named Lorraine Bolsinger president and CEO of GE Aviation Systems, LLC. Immelt also announced that Steve Fludder has been named head of ecomagination, GE’s sustainable business strategy, succeeding Bolsinger.
October 02, 2008
GE Announces Pricing of Common Stock Offering
GE today announced that it priced an offering of 547,825,000 shares of its common stock at $22.25 per share. To the extent that the underwriters sell more than 547,825,000 shares of common stock, the underwriters have the option to purchase from GE up to an additional 82,173,750 shares.
October 01, 2008
GE Energy Invests More Than $100 Million to Launch 2.5xl Wind Turbine and Services, Expands Manufacturing Operations in Europe
GE Energy today announced it has already received more than one gigawatt of commitments for its 2.5xl wind turbine over the next year and a half. That represents enough clean, wind-generated electricity to meet the needs of more than one million German households. To meet the growing demands of Europe’s wind power industry, GE Energy also announced the evolution of its wind turbine manufacturing facility in Salzbergen, Germany. The Salzbergen site will allow GE Energy to focus additional resources on meeting the strong demand for wind energy in Europe.
GE Announces Common Stock Offering; Warren Buffett Announces Investment in GE
GE today announced plans to offer at least $12 billion of common stock to the public. The underwriters will have a 30-day option to purchase shares representing an additional 15%of the offering amount from GE to cover over allotments, if any. The offering is expected to be priced prior to tomorrow’s market open in the U.S. In addition, GE announced that it has reached agreement to sell $3 billion of perpetual preferred stock in a private offering to Berkshire Hathaway, Inc. The perpetual preferred stock has a dividend of 10% and is callable after three years at a 10% premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $3 billion of common stock with a strike price of $22.25 per share, which is exercisable at any time for a five-year term.
September 30, 2008
GE Healthcare Acquires Agility Healthcare Solutions, Broadening Capabilities to Help Hospitals Improve Their Performance
GE Healthcare, a unit of General Electric Company , announced today that it has acquired the privately held Agility Healthcare Solutions of Glen Allen, Virginia. Financial terms were not disclosed. Agility Healthcare Solutions provides unique and innovative products that transform hospital workflow and patient care management. Agility’s AgileTrac™ technology provides the most comprehensive enterprise resource management, asset tracking, and clinical workflow solution in the healthcare industry. Agility will become part of GE Healthcare’s global Diagnostic Imaging Services business, a world-class provider of solutions enabling healthcare providers to achieve real performance results through a combination of consulting and asset management offerings. The strategic fit between the two businesses, combined with the ability to optimize productivity and enhance service levels, will offer substantial benefits to patients and providers.
GE Healthcare Acquires MicroCal Broadening Capabilities in Biomedical and Pharmaceutical Research
GE Healthcare, a unit of General Electric Company, today announced it has acquired MicroCal LLC, a provider of innovative instruments for the study of molecular interactions in pharmaceutical, biomedical and life science research. The acquisition of MicroCal will allow GE Healthcare to expand its offering of technologies for the rapidly growing areas of protein science and drug discovery research. Financial terms were not disclosed. MicroCal develops and manufactures microcalorimeters that provide detailed information on the structure, function and binding properties of a wide range of biomolecules such as proteins, lipids, nucleic acids and antibodies. The growing trend towards structure-based drug design together with the expansion in biopharmaceutical development is driving an increase in the use of microcalorimetry as a standard technique in pharmaceutical research.
September 25, 2008
GE Revises 2008 Guidance; Reaffirms Commitment to Triple-A Credit Rating; Expects to Earn Approximately $20 Billion in 2008; Maintaining Annual Dividend of $1.24 per Share through 2009
- Revises guidance for third quarter and full year 2008 in view of financial services markets volatility
Expects to earn approximately $20 billion for the year
- Industrial earnings to remain strong in third quarter, up 10-15%, led by infrastructure businesses, excluding Consumer & Industrial
- Expects financial services earnings in third quarter to be approximately $2 billion and more than $9 billion for 2008
- Reaffirms commitment to Triple-A credit rating; will further reduce financial services leverage and strengthen capital and liquidity; has completed GE Capital’s long-term funding plan for 2008
- Board approves plan to maintain $0.31 per share quarterly dividend, totaling $1.24 per share annually, through 2009
September 22, 2008
GE Launches Global HDTV Joint Venture
GE today announced the formation of General Displays & Technologies LLC (GDT), a new joint venture with Tatung Company, a global leader in display technologies. GDT will design, market and service GE-branded HDTVs to deliver the best home high definition video, audio and Internet experience. The first series of premium product offerings will be available to consumers in Spring 2009. GE is a 49 percent equity stakeholder in GDT, and as part of the agreement, GDT has entered into a new licensing agreement to market GE-branded HDTVs globally. Under the joint venture, GDT will benefit from GE’s world-class brand, business processes, quality assurance and financial strength. Additionally, as one of Taiwan’s most respected companies, Tatung brings global expertise in design, manufacturing and supply chain management, with facilities in Greater China, North America, Europe and South East Asia. "Tatung is thrilled for the opportunity to both invest and work directly with General Displays & Technologies, GE and NBCU to develop and deliver new interactive HDTVs and complementary products," said Mrs. W.Y. Lin , executive vice president, Tatung Company.
GE Money concludes sale of consumer finance business in Japan to Shinsei Bank
GE Money, the consumer financial services unit of the General Electric Company, announced today it has concluded the Y580 billion (US$5.4 billion) sale of its Japanese consumer finance business to Shinsei Bank, a leading diversified Japanese bank. All closing conditions have been satisfied, including the receipt of all regulatory approvals. GE Money will continue to pursue growth opportunities in Japan via GE Nissen Credit Co. Ltd, its credit card joint venture with Nissen, a leading shopping catalogue. GE’s Commercial Finance business has a strong presence in Japan, including leasing, fleet services, healthcare finance, and commercial real estate.
September 16, 2008
GE invests in Advanced Electron Beams; technology cuts
GE Energy Financial Services, a unit of GE , announced today a venture capital investment of $4 million in Advanced Electron Beams, whose technology helps traditional manufacturers become more environmentally sustainable while improving profitability. The technology uses a stream of electrons to initiate chemical reactions or break chemical bonds more efficiently than existing thermal and chemical approaches. Already used at the GE Global Research Center in Niskayuna, New York, and more than 40 other companies, including 11 in the Fortune 100, Advanced Electron Beams’ technology enables companies to reduce energy consumption in some cases by 60-90 percent and reduce chemical and water use. In addition, the technology delivers significant economic benefits over traditional methods: A system using Advanced Electron Beams’ compact emitters can pay for itself in less than one year.
September 08, 2008
GE Oil & Gas' PII Pipeline Solutions Division Signs Pipeline Integrity Services Distribution Agreement in Colombia
GE Oil & Gas' PII Pipeline Solutions division has signed a pipeline integrity services distributor agreement with Tecnicontrol S.A., in Colombia, as part of GE’s strategy to strengthen its pipeline integrity services in South America. GE’s PII Pipeline Solutions is a world-leading provider of pipeline inspection technology and integrity management services for the oil and gas industry. Tecnicontrol’s expertise lies in providing integral solutions to the industry ranging from engineering, procurement, supervision, QA/QC and project management to asset integrity management, including inspection, maintenance and repairs. Tecnicontrol will act as distributor for PII services in the Andean Region by providing local inspection tools and crews, project management and logistics.
August 22, 2008
GE Board of Directors Authorizes Regular Quarterly Dividend
The Board of Directors of General Electric Company today authorized a regular quarterly dividend of $0.31 per outstanding share of the Company's common stock. The dividend is payable October 27, 2008 to shareowners of record at the close of business on September 22, 2008. The ex-dividend date is September 18, 2008.
August 19, 2008
GE Healthcare Financial Services Corporate Finance Team Closes $1.8 Billion in Transactions for First Half of 2008
GE Healthcare Financial Services’ corporate finance team ended the first six months of 2008 as one of the most active capital providers in today’s healthcare market, closing 23 transactions totaling $1.8 billion. During the first half of 2008, the GE Healthcare Financial Services’ corporate finance team noticed several trends as healthcare companies adjusted to a decrease in market liquidity:
- Syndicated facilities are available, but are more challenging to execute
- Volume of second-lien and high-yield lending has decreased
- Amount of leverage on recently arranged transactions has decreased on average
- Collateralized/Asset Based (accounts receivable inventory and fixed assets) lending is on the rise
August 11, 2008
GE Surpasses $1.7 Billion in Company-Wide Sales Revenues for the Beijing 2008 Olympic Games
GE, a worldwide partner of the Olympic Games, today announced it has exceeded its sales goal for the Beijing 2008 Olympic Games, winning 400 infrastructure projects in and around Beijing that will generate $700 million in revenues. NBC Universal has also generated a record of more than $1 billion in advertising revenues, making the Beijing Games the most successful Games in GE’s history. NBC Universal's Beijing Olympics coverage is on pace to be the most watched Olympics in history. GE, which has been providing technology to support the Olympic Games and other major sporting events for more than 70 years, is managing projects in all 37 official Beijing Games competition venues and 168 commercial buildings in and around Beijing. Several projects feature technological “firsts” for China, including filtration technology for safe drinking water and rainwater recycling at the National Stadium (“Bird’s Nest”), 73 electrical substations to provide power at more than 50 Olympic Games venues, and advanced baggage screening at the Beijing Capital International Airport. Additionally, GE is supplying 120 wind turbines to the Zhangbei and Shangyi wind farms north of Beijing, which supply energy to the Olympic Central Area.
August 08, 2008
Large Order For Flare Gas Flowmeters for GE Sensing & Inspection Technologies
GE Sensing & Inspection Technologies has received a significant order for the supply of flare gas flow metering systems for the Pearl GTL project in Qatar. The order for GF868 digital ultrasonic flowmetering systems, comprising flare transmitters, transducers and flowcells, was placed by MW Kellogg, on behalf of Qatar Shell GTL Ltd. This order follows a similar order placed for another section of Qatar’s North Field. Sponsored by Qatar Petroleum and Shell, the Pearl GTL (Gas to Liquids) project includes the development of offshore natural gas resources in Qatar’s North Field, transporting and processing the gas to extract natural gas liquids and ethane and the conversion of the remaining gas into clean liquid hydrocarbon products through the construction of the world’s largest integrated GTL complex in Ras Laffan Industrial City, Qatar.
August 06, 2008
Acquisition of Kelman Limited Furthers GE Energy’s “Smart Grid” Capabilities with Utilities
GE Energy has acquired Kelman Limited of Lisburn, Northern Ireland, a leading provider of advanced monitoring and diagnostics technologies for transformers, enhancing GE’s smart grid product portfolio. GE’s smart grid offerings are designed to help utilities increase productivity and reliability, while also providing consumers with information to better manage their electricity use and expenses. Integrating real-time data and information management systems, grid intelligence solutions help utilities optimize their operations and extend the life of their equipment.
Adding Kelman’s expertise, experience and multi-gas measurement technology will expand GE’s smart grid portfolio by providing utility customers with a much more comprehensive product offering. Kelman’s advanced dissolved gas analysis (DGA) capability delivers a new level of predictive maintenance for the utility industry allowing utility operators to have greater line of sight into the health and longevity of their transformer fleets.
July 31, 2008
GE Capital Completes Acquisition of Most of CitiCapital
GE Capital today announced the completion of its acquisition of most of CitiCapital, Citigroup’s North American commercial leasing and commercial equipment finance business, adding $13.2 billion in assets. GE Capital’s acquisition includes CitiCapital’s Healthcare Finance, Private Label Equipment Finance Group, Material Handling, Franchise Finance, Construction Equipment Finance, Bankers Leasing Group businesses, and CitiCapital Canada. It has also entered into an agreement with Citigroup to cross-refer certain business. CitiCapital’s Tax Exempt Finance business is not part of the transaction.
July 30, 2008
Sparking European and US Solar Power Expansions, GE and Grupo Corporativo Landon to Invest US $350 Million in Leading European Solar Company
GE Energy Financial Services, a unit of GE, and Grupo Corporativo Landon announced today they will invest about US $350 million (€225 million) in Fotowatio, one of Spain’s largest and most successful solar power project developers. Fotowatio owns, operates and is developing almost 960 megawatts of solar projects in the fast-growing solar power markets of Spain, Italy and the United States. Existing investors in Fotowatio comprise investment fund Qualitas Venture Capital and Fotowatio’s management. GE Energy Financial Services will invest US $235 million (€150 million) in equity and convertible debt to acquire 32 percent and Grupo Corporativo Landon, a family-owned Spanish holding company with diversified investments, will invest US $118 million (€75 million) in equity to acquire 17.5 percent of a new holding company, Fotowatio SL. The existing Spanish investors will own the remaining 50.5 percent: Qualitas Venture Capital—a fund managed by Qualitas Equity Partners and invested in by Timón SA—will own 33.5 percent, and Fotowatio’s management will own 17 percent.
GE Receives $500 Million Contract to Supply Power Equipment for World’s Largest Single-Site Aluminum Complex
GE Energy has received a contract of more than US$500 million to supply equipment to power the world’s largest aluminum processing complex at a single site. The Emirates Aluminum (EMAL) production facility is located close to the Arabian Gulf near Al Taweelah, Abu Dhabi, in the United Arab Emirates (UAE). Using natural gas as its primary fuel, the power plant will feature Frame 9FA gas turbines, C7 steam turbines, heat recovery steam generators and condensers, allprovided by GE Energy.
When phase one of the project is complete, the site will have an installed capacity of more than 2,000 megawatts of electricity to be used in the production of 700,000 tons of aluminum per annum. Total production capacity during phase two will reach 1.4 million tons of aluminum, providing an example of technological advancement in the UAE as well as a cornerstone for the ongoing development of the region’s industrial sector.
July 24, 2008
GE Healthcare to Acquire Vital Signs, Inc., Expanding GE’s Monitoring, Anesthesia and Respiratory Care Offerings
GE Healthcare, a unit of General Electric Company , and Vital Signs, Inc announced today that they have entered into a definitive merger agreement for GE to acquire Vital Signs. Under the terms of the agreement, shareholders of Vital Signs will receive $74.50 per share in cash for each Vital Signs share they own.
Vital Signs is a global provider of medical products applicable to a wide range of care areas such as anesthesia, respiratory, sleep therapy and emergency medicine. Vital Signs has a broad product offering of innovative single-patient use products which offer significant cost advantages and improved patient care features, including reducing the potential of transmitting infections from one patient to another. Vital Signs will become part of GE Healthcare’s Clinical Systems business, a world-class provider of advanced technologies for patient monitoring, anesthesia delivery and acute respiratory care. The strong strategic fit between the two businesses will offer substantial customer benefits through complementary product and service offerings.
July 22, 2008
GE and Mubadala Launch Multi-Billion Dollar Global Business Partnership
GE and Mubadala Development Company, headquartered in Abu Dhabi, UAE, today announced a framework agreement on a global partnership encompassing a broad range of initiatives including commercial finance, clean energy research and development, aviation, industry and corporate learning. Building on an already strong relationship and a common view of high growth opportunities in the Middle East and globally, the agreement provides for shared capital commitments to new joint ventures and investment funds. In addition, Mubadala also plans over time to become a long-term GE shareholder. The expectation is that Mubadala will become one of GE’s top ten institutional investors through the open market, as conditions allow.
July 16, 2008
GE Signs Nearly $4 Billion in Aviation Deals at Air Show
This week, GE Aviation tallied nearly $4 billion (list price value) in aviation products and services at the Farnborough International Air Show. The sales span across the jet engine product lines of GE and CFM International, the 50/50 joint company of GE and Snecma (SAFRAN Group), as well as aircraft systems products from GE Aviation’s Systems business. The $4 billion tally comprises GE’s products and services, as well as 50 percent of the value of the CFM orders.
July 11, 2008
GE Reports Second Quarter 2008
2Q 2008 Highlights (Continuing Operations)
- Earnings per share (EPS) of $.54, flat year-over-year
- Revenues of $46.9 billion, up 11%; organic revenue growth of 5%; Industrial organic revenue growth of 9%
- Financial Services earnings of $2.8 billion, up 15%
- Global revenues of $25 billion, up 24%; emerging markets revenues of $10 billion, up 20%
- Services orders of $9.5 billion, up 19%; major equipment orders of $13.7 billion, up 4%, outpacing shipments 1.3x; total orders of $26.9 billion, up 8%
- Major equipment backlog of $55 billion, up 25%; customer service agreements (CSA) backlog of $113 billion, up 17%
- Return on average total capital (ROTC) of 17.6%
- Industrial cash flow from operating activities growth of 5%
- Stock repurchase $2.5 billion YTD; $1.4 billion for second quarter
- Reaffirming 2008 full-year continuing EPS guidance of $2.20 – 2.30, up 0-5%
July 10, 2008
GE Announces Its Intent To Explore Strategic Options For Consumer & Industrial With A Focus On Spin-Off
GE today announced that it is continuing to explore all options for its Consumer & Industrial businesses with a primary focus on spinning-off the entire unit -- Appliances, Lighting and Industrial -- to existing GE shareholders. The Company announced on May 16 that a spin-off was one possible outcome of the strategic review of its Appliances division
July 09, 2008
GE Unit Surpasses $4 Billion Renewable Energy Mark with NY Wind Farm Investment
With a goal of investing $6 billion in renewable energy by 2010, GE Energy Financial Services surpassed the $4 billion mark today by investing in New York State’s three newest wind farms. The unit of GE will invest a total of $100 million in the three wind farms, whose construction began last month. GE Energy Financial Services closed more than $2 billion of renewable energy transactions last year, and by 2010 expects they will comprise 20-25 percent of its overall energy and water portfolio, up from about 10 percent in 2006. Including the three new farms, GE Energy Financial Services has invested or committed to invest equity worldwide in 76wind farms, with a total capacity of more than 4,000 megawatts.
June 30, 2008
David Joyce Named President and CEO of GE Aviation
General Electric Chairman and CEO Jeff Immelt announced today the appointment of David Joyce as president and CEO of GE Aviation, a leading maker of jet engines and integrated digital, electric power and mechanical systems for aircraft.
June 25, 2008
New Agreement for RasGas LNG and Gas Production Complex in Qatar Brings GE Energy’s Total Service Commitments at the Site to More Than $1 Billion
Expanding its role with one of the world’s largest suppliers of liquefied natural gas (LNG), GE Energy has signed a multi-million, multi-year service agreement with RasGas Company Limited, covering two LNG trains and Al-Khaleej Gas (AKG) Plant-2 at RasGas’ LNG and gas production complex in Ras Laffan Industrial City, Qatar. The project supports Qatar’s strategy to become the world’s leading supplier of LNG. An LNG train is a chain of equipment, including a gas turbine, which is used to convert natural gas to liquid form. This process reduces the volume of the gas, making it easier to ship large quantities of LNG to help meet growing energy demands in locations around the world.
June 17, 2008
GE Money Finalizes Bank BPH Acquisition Deal
GE Money announces today closure of the transaction to acquire Bank BPH in Poland, paving the way for the Group to become a top five Universal bank in the market. GE Money Bank – part of the GE Money Group – acquired today 100% of the shares of the Dutch company HoldCo 77, to which UniCredit has transferred 65.9% of its shares in Bank BPH. GE Money will also acquire 49.9% of the shares of BPH TFI from CABET Holding later this week, a subsidiary of Bank Austria Creditanstalt (owned by UniCredit Group). The total consideration for these transactions is €625.5 million.
June 11, 2008
GE Becomes Majority Shareholder in Emerging Solar Technology Company
GE Energy today announced that it has increased its equity share in PrimeStar Solar, Inc., an emerging solar thin-film technology and manufacturing company. GE already held a minority equity share of PrimeStar Solar, as announced in September 2007. PrimeStar Solar, headquartered in Golden, Colo., was formed in June 2006 to develop and commercialize thin-film photovoltaic modules. The company has 60 employees, including a core management team with more than 100 years of thin-film equipment and process experience.
June 10, 2008
GE Energy Receives €635 Million (nearly US$1B) Contract for Power Project to Help Meet Algeria's Electricity Needs
A new planned power plant featuring GE Energy’s F-class gas turbine technology will help meet the rapidly growing energy needs of eastern Algeria when it enters service at the end of 2011. Algerian electric company Shariket Karhaba Koudiet Eddraouch Spa, owned by Sonelgaz and Sonatrach, has awarded a contract to GE and its consortium partner, the Spanish engineering firm Iberdrola Ingenieria y Construccion, for the construction of the Koudiet Eddraouch power plant in El-Tarf province, 700 kilometers east of Algiers. GE’s contract is valued at approximately €635 million (nearly US$1B). Additionally, GE also is in the process of signing a contractual services agreement to provide maintenance and parts over 20 years.
June 06, 2008
GE Board of Directors Authorizes Regular Quarterly Dividend
The Board of Directors of General Electric Company (NYSE:GE) today authorized a regular quarterly dividend of $0.31 per outstanding share of the Company's common stock. The dividend is payable July 25, 2008 to shareowners of record at the close of business on June 23, 2008. The ex-dividend date is June 19, 2008.
KNF approves GE Money’s acquisition of Bank BPH Merger of GE Money Bank and Bank BPH intended for first half of 2009
GE Money received approval today from the Polish Financial Supervision Authority (KNF) to exercise up to 66% voting rights attached to Bank BPH shares. Following acquisition deal settlement expected later in June, GE Money will own two banks in Poland: GE Money Bank and Bank BPH, which combined possess a complementary and well-diversified network of 310 branches. Subject to regulatory approval, GE Money’s intention is to merge the two banks in the first half of 2009.
June 02, 2008
GE Signs Definitive Agreement With Santander
GE , through its GE Money and Commercial Finance units has signed definitive agreements with Banco Santander, S.A., for their previously announced transactions. On March 27, 2008, the parties reached a preliminary, non-binding agreement in which Banco Santander agreed to acquire GE Money’s businesses in Germany, Finland and Austria, and its card and auto businesses in the UK. The final agreement includes GE Money’s card business in Ireland. At the same time, GE Commercial Finance will acquire Interbanca, the Italian commercial bank assigned to Santander as part of the distribution of assets following the acquisition, together with Royal Bank of Scotland and Fortis, of ABN Amro. The transactions are each valued at approximately €1 billion, and are subject to the receipt of certain regulatory approvals. The parties anticipate that the deal will close early in the 4th quarter.
May 29, 2008
GE Energy Signs Contracts for More than Half-Billion Dollars to Support Projects in Saudi Arabia
GE Energy has signed contracts totaling more than $500 million to supply gas turbines and generators for power plant projects owned by Saudi Electricity Company (SEC). In the first agreement, GE Energy has received a contract to supply gas turbine-generators for the 960-megawatt expansion of the Rabigh Power Plant in Rabigh City, on the west coast of Saudi Arabia. The project is part of SEC’s initiative to provide additional power to support the region’s economic and population growth
May 22, 2008
GE Fanuc Intelligent Platforms Completes Acquisition of Process Technology Assets From MTL Instruments Group
GE Fanuc Intelligent Platforms, a unit of GE Enterprise Solutions, announced today that it has completed the acquisition of assets of the MTL Open System Technologies (MOST) product lines including the MTL8000 general purpose I/O, intrinsically safe I/O, SafetyNet system, and process control technologies. The MTL8000 I/O and its proven technologies are deployed around the world by process system OEMs, system integrators, and end users to solve their most demanding process control applications. It is built to withstand the extremes of temperature and vibration as well as the hazardous and corrosive gases that rule out the use of conventional I/O in unfriendly environments.
SafetyNet is a SIL2 certified system that provides a comprehensive solution for safety-related applications, including: process shut down (PSD), emergency shut down (ESD) systems and burner management systems.
May 16, 2008
GE announces intent to seek strategic options for its appliances business
GE today announced that it was reviewing strategic options for its Appliances business. The Company is currently considering three possibilities for the unit: a strategic partnership or joint venture; spin off; or the sale of the business.
May 15, 2008
Mesa Power places world’s largest single-site wind turbine purchase order
Mesa Power LLP, a company created by legendary energy executive T. Boone Pickens, has placed an order with General Electric to purchase 667 wind turbines capable of generating 1,000 megawatts of electricity, enough to power more than 300,000 average U.S. homes. The agreement represents the first phase of the four-phase Pampa Wind Project that will become the world’s largest wind energy project, with more than 4,000 megawatts of electricity, enough for 1.3 million homes. When all phases of the project are completed as projected in 2014, the wind farm will be five times as big as the nation’s current largest wind power project, now producing 736 megawatts.
April 28, 2008
GE Energy Announces New State of the Art Technology Center in Saudi Arabia
GE Energy, a global supplier of power generation and energy delivery technologies, has announced the groundbreaking of its Power Technology Center, Middle East, a new state-of-the-art service facility in Dammam, developed in association with GE’s joint venture partner Ali A. Tamimi Co. With an investment of SAR280 million ($75 million USD), the center will span 125,000 square feet and expand GE Energy’s capabilities to serve its customers in the region.
April 17, 2008
GE Capital to Acquire Most of CitiCapital
GE Capital has agreed to purchase most of CitiCapital, Citigroup’s North American commercial lending and leasing business, in an all cash transaction. Financial terms were not disclosed and the acquisition is expected to close, pending normal regulatory approvals, by the 3rd quarter of this year. Through the transaction, GE Capital will acquire seven CitiCapital equipment finance business lines, including Healthcare Finance, Private Label Equipment Finance, Material Handling Finance, Franchise Finance, Construction Equipment Finance, Bankers Leasing, and CitiCapital Canada. CitiCapital’s Tax Exempt Finance business is not part of the transaction and will remain with Citi.
April 15, 2008
GE Opening New Energy, Sales, Services and Technology Center in Moscow
In September 2008, GE will open a new sales, service and technology office in Moscow to support Russian utility, municipal and industrial customers in addressing the country’s energy challenges and further develop its energy and transportation infrastructure. The facility will house the employees of GE Infrastructure’s Energy, Transportation and Water & Process Technologies businesses. The existing GE Energy Engineering center also will move into the new building. GE Infrastructure expects its workforce to quickly expand in the years after the new Moscow office opens. By 2010, GE Infrastructure expects it will employ more than 350 people. Currently in Russia, 120 people work for GE Energy and 40 for GE Transportation, covering a range of commercial and engineering functions.
April 11, 2008
GE Reports First Quarter 2008
- Continuing earnings per share (EPS) of $.44, down 8%; continuing earnings of $4.4 billion, down 12%
- Net EPS of $.43, down 2%; net earnings of $4.3 billion, down 6%
- Revenues of $42.2 billion, up 8%; Global revenue growth of 22%
- Industrial organic revenue growth of 5%; financial services organic revenue decline of 8%
- Industrial cash flow from operating activities (CFOA) of $3.7 billion, an increase of 8%
- Return on average total capital (ROTC) at 18.1%
- Total orders of $24 billion, up 8%; major equipment orders of $12 billion, up 11%; services orders of $8.3 billion, up 5%
- Major equipment backlog of $52 billion, up 41%; customer service agreement (CSA) backlog of $110 billion, up 16%
- Lowering EPS guidance for full year 2008 to $2.20 - 2.30, up 0-5% from 2007
April 02, 2008
GE Completes Acquisition of Hydril Pressure Control Business, Further Enhancing GE Oil & Gas Offering
GE’s Oil & Gas business today announced the successful completion of its acquisition of Hydril Pressure Control from Tenaris. Hydril Pressure Control is one of the world’s leading suppliers of pressure control equipment used in the oil and gas drilling industry, with a special focus on deep and ultra-deepwater applications. Its product lines include Blowout Preventer (BOP) systems, parts, and repair and field services to maintain its installed base of products. The business is headquartered in Houston, Texas and employs over 750 people globally, who will join the GE Oil & Gas team of 10,500 professionals operating in more than 70 locations worldwide.
March 27, 2008
GE and Santander Reach Preliminary Agreement
GE, through its GE Money and Commercial Finance business units, and Banco Santander have reached a non-binding agreement on the acquisition of certain businesses from each other. The transactions are valued at approximately €1 billion. Under the terms of the preliminary agreement, Banco Santander will acquire GE Money’s businesses in Germany, Finland and Austria, and its card and auto businesses in the UK, while GE Commercial Finance will acquire Interbanca, the Italian commercial bank assigned to Santander as part of the distribution of assets following the acquisition, together with Royal Bank of Scotland and Fortis, of ABN Amro.
March 06, 2008
GE Energy Announces Second Wind Turbine Agreement exceeding $1 Billion With Invenergy
GE Energy has secured its second contract over $1 billion in recent months with Invenergy Wind LLC to provide wind turbines for new projects that will further increase North America’s rapidly growing supply of clean, wind-generated electricity. Under the agreement announced today, GE will supply Invenergy with 750 megawatts of wind turbines, enough power to meet the requirements of more than 200,000 households, for North American projects to be constructed in 2010. In January, GE announced a similar agreement of more than $1 billion to provide wind turbines to Invenergy for U.S. and European projects to be built in 2009.
February 25, 2008
GE and Algerian Government Inaugurate Africa’s Largest Seawater Desalination Plant
A persistent shortage of potable water in the City of Algiers, Algeria was eased today as the US $250 million Hamma Seawater Desalination Plant (SWDP) was officially opened by Algerian President Abdelaziz Bouteflika and Jeff Garwood president and CEO, GE Water & Process Technologies, a unit of General Electric Company (NYSE: GE). Completed on time and on budget in 24 months, the Hamma SWDP uses GE’s advanced ecomagination-certified reverse osmosis membranes to purify up to 200,000 cubic meters (53 million gallons) of seawater per day -- providing as many as two million residents of Algiers with a reliable and drought-proof supply of fresh water.
February 21, 2008
GE Announces Major Expansion of Singapore Operation
GE Aviation today announced a $30 million U.S. expansion of the GE Aviation Service Operation (GEASO) facility here in Singapore, positioning the facility to more than double revenues over the next five years. In 2007, GEASO achieved revenues of more than $250 million U.S. The GEASO expansion, which is scheduled to begin in April of this year, will increase total production square footage of the facility by 20 percent, growing from 200,000 to 250,000 square feet by the time the project is completed in mid- 2009. In addition, its current work force of 900 people is expected to grow by more than 30 percent over that same five-year period.
February 14, 2008
GE Oil & Gas and StatoilHydro Sign Agreements Valued at More Than $300 Million
GE Oil & Gas has secured two frame agreements with a total value of more than $300 million to supply compression equipment and services to StatoilHydro, a leading global energy group based in Norway.
February 08, 2008
GE Board of Directors Authorizes Regular Quarterly Dividend
The Board of Directors of General Electric Company today authorized a regular quarterly dividend of $0.31 per outstanding share of the Company's common stock. The dividend is payable April 25, 2008 to shareowners of record at the close of business on February 25, 2008. The ex-dividend date is February 21, 2008.
February 07, 2008
William H. Cary Named President And CEO of GE Money
William H. “Bill” Cary has been named president and CEO of GE Money, a leading global provider of credit services to retailers, auto dealers and consumers, GE Chairman and CEO Jeffrey R. Immelt announced today.
February 06, 2008
GE Security Grows Video Surveillance Solution Portfolio with Acquisition of CoVi Technologies Assets
GE Security, Inc., a business of GE Enterprise Solutions, today announced it has acquired certain assets of CoVi Technologies, Inc., an IP video systems provider headquartered in Austin, Texas. CoVi assets acquired by GE Security include video systems technology and intellectual property. CoVi engineering, technical support and product management employees also joined GE Security. The addition of CoVi Technologies’ research and development experience, intellectual property and video expertise will be a strong complement to GE Security’s video solutions offerings and growth strategy. The acquisition is expected to strengthen GE Security’s delivery of Internet Protocol video hardware and software solutions.
February 05, 2008
GE Sensing & Inspection Technologies Completes Acquisition of Rheonik
GE Sensing & Inspection Technologies, a unit of GE Enterprise Solutions, announced today that it has completed the acquisition of Rheonik, a leading manufacturer of high accuracy coriolis mass flowmeters used in the oil & gas, process and power industries. The transaction, terms of which are not being disclosed, was completed upon receipt of required regulatory approvals. The acquisition broadens GE's flowmeter technology offerings for sensing customers. Additionally, Rheonik’s customers will benefit from GE's global presence, technology depth and broad range of sensing products and services.
February 04, 2008
GE Healthcare to acquire Whatman plc: recommended acquisition at 270p per share in cash
GE Healthcare, a unit of General Electric Company, and Whatman plc announced today that they have reached agreement on the terms of a recommended acquisition of Whatman by GE Healthcare. Under the terms of the transaction, each Whatman shareholder will receive 270 pence in cash for each Whatman share, valuing Whatman at approximately £363 million (approximately $713 million.) The transaction is subject to approval by Whatman’s shareholders as well as customary regulatory approvals. Whatman is a global supplier of filtration products and technologies, with a well-recognized brand, and a strong sector expertise. Whatman has a broad product offering of filters and membranes for laboratory, research, life sciences and medical technology applications. GE Healthcare’s Life Sciences business is a world class provider of technologies for cellular and protein science research, and tools used in the manufacture of biopharmaceuticals such as vaccines, cell therapies and antibodies. The strong strategic fit between the two businesses will offer substantial customer benefits and create significant synergies through complementary product and service offerings.
GE Acquires Sole Ownership of East Asia GE Commercial Finance
GE Commercial Finance today announced that it has entered into a definitive agreement to become the sole shareholder of East Asia GE Commercial Finance (EAGE). In 2001, GE acquired a 50 percent equity interest in EAGE. Under the terms of the new definitive agreement, EAGE, with the support of GE, will repurchase the remaining 50 percent of its outstanding equity interest from Bank of East Asia. Acquiring sole ownership of EAGE is a key step towards executing GE's long-term strategy for the Greater China market. Established in Hong Kong in 1972, EAGE has over 35 years of experience in factoring and serving SMEs. GE Commercial Finance has one of the largest factoring businesses globally, and has been in trade finance for over 10 years. Under GE’s leadership, EAGE will fully leverage GE’s financial strength and expertise to become an important link in GE’s global trade finance network. The company’s current product offering will be expanded to incorporate a wider range of innovative trade finance products.
December 17, 2008
GE Scientists Display First-Ever OLED Christmas Tree
Scientists and engineers on GE’s OLED research team rang in the 2008 holiday season with a first-ever OLED Christmas tree lighting at GE’s Global Research Center headquarters in Niskayuna, NY. Illuminated in green light, GE’s flexible OLED panels cut quite a tree and provide a glimpse at how this revolutionary lighting concept is going to transform the lighting industry. OLEDs are thin, organic materials sandwiched between two electrodes, which illuminate when an electrical charge is applied. They represent the next evolution in lighting products. Their widespread design capabilities will provide an entirely different way for people to light their homes or businesses. Moreover, OLEDs have the potential to deliver dramatically improved levels of efficiency and environmental performance, while achieving the same quality of illumination found in traditional products in the marketplace today with less electrical power.
December 11, 2008
ADDING MULTIMEDIA GE Debuts World’s First Truly Incandescent-Shaped Energy Smart® CFL Bulb
Miniaturized electronics developed by GE Consumer & Industrial engineers and scientists are the enabling technology of a new covered GE Energy Smart® compact fluorescent light (CFL) bulb featuring the GE Spiral® CFL inside the glass bulb. With this new CFL—an exclusive design achievement that GE has protected with more than a dozen U.S. patent applications—the electronics fit in the neck of the bulb. The result is a profile that’s virtually identical to a standard incandescent light bulb. The new covered GE Energy Smart® CFL bulb, a product of ecomaginationSM available only from GE, debuts nationwide at Target on December 28, 2008, at selected Ace Hardware stores in January, and more broadly around Earth Day (April 22, 2009) at retailers such as Sam’s Club and Walmart. It expands GE’s family of energy-saving, long-life CFL bulbs, which includes daylight and dimmable Spiral® CFLs, 3-way CFLs, and decorative covered CFLs with the GE Spiral® CFL on the inside. Each has instant-on technology and delivers the light quality consumers have come to expect from GE.
December 09, 2008
GE Healthcare Introduces Groundbreaking Medical Imaging Technologies for Improved Patient Care
GE Healthcare, a unit of General Electric Company (NYSE:GE), today announced the commercial availability of three imaging solutions for faster, gentler imaging, which will enable better patient care: the low-dose Discovery™ CT750 HD, the fast Discovery™ MR750, and the innovative fusion technology of the LOGIQ® E9. Doctors from leading hospitals joined patients whose lives have been affected by these technologies at a showcase today in New York City. The Discovery™ CT750 HD, the world’s first high-definition computed tomography (CT) provides an improved image with less radiation dose per scan for patients. This new technology offers up to 83 percent less dose on cardiac scans and up to 50 percent less dose across the rest of the body.
December 03, 2008
Two GE “HEAT™” Advanced Steam Turbines Hit 20,000-Hour Milestone
Two GE HEAT™ (high efficiency, advanced technology) steam turbines have surpassed 20,000 hours of operation at power plants in California and Ireland, GE Energy reported today at Power-Gen International 2008. The achievement is widely regarded as an industry milestone for proving reliability of the turbines. Introduced in 2002, GE HEAT steam turbines improve plant efficiency and output for GE’s F-class combined-cycle technology, leading to a lower cost of producing electricity, a critical factor for success in today’s power generation industry. Seven of the HEAT steam turbines currently are in commercial operation in natural gas-fired, combined-cycle power plants in the United States and Europe, encompassing both 60-hertz and 50-hertz applications.
December 02, 2008
GE Energy Launches New Gas Turbine Inlet Filters
GE Energy announced the launch of its new gas turbine inlet filters for static and self-cleaning applications. The new high-performance filters complement the existing range of GE Energy inlet filtration systems and are suitable for use in some of the world’s harshest environments. Tailoring the inlet system of a gas turbine to its operating conditions is vital to help deliver optimum performance and efficiency. The Nanomedia LP9 pulse filter cartridge for self-cleaning applications utilizes GE’s high performance Nanomedia technology to deliver excellent levels of sub-micron particulate removal (initial efficiency greater than 80% at 0.3 microns) and low pressure loss. Rated MERV 15 per ASHRAE 52.2 and F9 per EN779:2002, this new filter is particularly suited to environments with high levels of small particulate such as deserts or industrial areas.
October 27, 2008
GE Scientists Develop Battery-free, Multi-Detection Wireless Sensors
GE Global Research, the technology development arm of the General Electric Company , today announced a battery-free, multi-detection radio-frequency identification (RFID) sensing platform that could enable a wide range of low cost wireless sensing products in healthcare, security, food packaging, water treatment and pollution prevention. GE's unique RFID sensors are built on traditional RFID tags. This “first-of-its-kind” sensing platform, in which a single sensor can provide a highly selective response to multiple chemicals under variable conditions, operates without a battery. GE’s sensor technology overcomes limitations in today’s sensors such as inadequate response selectivity and the need for an on-board power source. Without a battery, new sensors can be designed to be smaller than a penny and manufactured at very low cost.
September 22, 2008
GE Digital Energy Showcases Its Innovative HardFiber™ System at Leading Global Conference on Electric Power Systems
GE Digital Energy showcased its new Multilin HardFiber System at the 2008 CIGRE Conference in Paris, France, August 25 – 29, 2008. The HardFiber System, which eliminates the need for thousands of copper wires in a substation and replaces them with a few fiber optic cables, can save utilities up to 50% of their current installation and maintenance costs while at the same time increasing worker safety and power system reliability. A breakthrough in the installation and ownership of protection and control (P&C) systems, HardFiber addresses the challenges utilities face today. It delivers significant installation and maintenance cost savings and helps improve system security, reliability, and safety.
September 16, 2008
GE Healthcare IT Unveils Company's Next Generation Centricity PACS-IW
GE Healthcare IT, a leading provider of healthcare information technology, today introduced Centricity® PACS-IW version 3.7.1., the first major solution to derive from GE’s Dynamic Imaging . Providing an intuitive platform for radiologists, the solution has made significant strides to improve performance, interface navigation and ergonomic design. The recent installment of GE’s Centricity PACS-IW expands acclaimed Web-based PACS technology and delivers additional innovative tools aimed to sustain flexible IT models for outpatient imaging centers, virtual radiology practices, physician offices, and hospitals.
July 13, 2008
GE Launches Engine Core for New Commercial Airplanes
GE Aviation has launched a new engine core program, called “eCore,” as the technology cornerstone for a new generation of jet engines for narrow-body, regional, and business jets. The program is designed to outpace competitive engine designs by offering aircraft operators up to 16 percent better fuel efficiency over GE’s best engines in operation today. GE already produces some of the world’s most fuel-efficient jet engines. For example, Boeing 777s powered by the GE90-115B are the most fuel-efficient, long-range aircraft in production. The GEnx-powered Boeing 787 will achieve even greater levels.
July 07, 2008
Revolutionary Portable Video Borescope from GE
GE Sensing & Inspection Technologies announces the release of its revolutionary XL Go VideoProbe®. Weighing only 3.8 lbs., the XL Go is the most portable, lightweight, high-resolution video borescope available to tackle inspections in small, hard to reach places. Applications include the inspection of windmills, pipelines, gas turbines, steam turbines, aircraft engines, automotive engines, underground sewer lines, steam generators or heat exchangers to detect any damage or defects without disassembly.
June 10, 2008
New Phasec 3 Series Eddy Current Flaw Detectors From GE
The three members of the new Phasec 3 family of eddy current flaw detectors from GE Sensing & Inspection Technologies offer a large color display , with color coding of each channel to enhance signal interpretation. They are lightweight, battery-powered and small enough to fit into a toolbox or even a large pocket. Eddy current inspection can be used for crack and corrosion detection, and conductivity and coating thickness measurement in the most difficult of inspection environments for aerospace, power generation, oil and gas, automotive and general engineering applications. In addition, GE’s Phasec 3 series features USB connectivity for easy downloading, reporting and printing of data.
May 13, 2008
GE Healthcare Announces World's First High Definition CT Scanner
GE Healthcare, a global leader in imaging and in dose reduction technologies, has announced U.S. Food & Drug Administration (FDA) clearance of the LightSpeed CT750 HD, the world's first high definition CT scanner. LightSpeed CT750 HD will set the new standard for CT clarity, delivering the vision and the tools to allow clinicians to diagnose quickly and confidently. In addition to providing fine detail, allowing clinicians to see objects as small as a grain of sand, CT750 HD's improved spatial resolution allows it to reduce calcium blooming artifacts. Because of this, accurate stenosis quantification is possible. In bench testing, it was able to accurately measure 75% stenosis on a 3mm vessel within 100 microns. It also benefits from improved low contrast detection (LCD), a measure of the amount of contrast needed to image a given object at a given dose. CT750 HD bench tested with a 40% LCD improvement over the previous release.
April 03, 2008
GE Releases Next Generation Relative Humidity and Temperature Sensor
GE Sensing & Inspection Technologies (NYSE: GE) announces ChipCap, a next generation relative humidity and temperature sensor for the HVAC, automotive, medical and appliance industries. Overall, ChipCap can reduce the cost of humidity and temperature sensor integration by 50% or more. The product is fully factory calibrated, eliminating end user calibration, the costly calibration process and need for expensive calibration equipment. This can ultimately save the end user $30,000-$50,000 in capital equipment costs and even more in calibration labor. ChipCap is the only device on the market that offers both digital and analog configurations on a single, 5VDC-powered chip. Its package is highly resistant to chemical vapors and other contaminants and the sensors are precalibrated, offering high interchangeability. The sensors fully recover from condensing environments and may be used across a range of 0 to 100% RH and -50°C to 150°C.
April 02, 2008
GE First to Announce Water Heaters That Will Meet New DOE ENERGY STAR® Standards
In the wake of the Department of Energy’s announcement yesterday that creates ENERGY STAR® criteria for residential water heaters, GE® is proud to introduce two innovative products that will meet the new requirements. The GE Hybrid Electric Water Heater and GE Tankless Gas Water Heater, both currently in development, represent the latest in a series of GE appliances designed to help energy efficiency in the home. The DOE’s new ENERGY STAR program, for heat pump water heaters and tankless water heaters, is the result of many months of analysis of technologies, market opportunities and consumer interest.GE was one of the key participants in the criteria-development process and urged the DOE to adopt aggressive standards for high-efficiency ENERGY STAR water heaters.
December 02, 2008
GE’s ecomagination™ Certified Jenbacher Power Plant Commissioned at Australian Coal Mine to Help Reduce Greenhouse Gas Emissions
GE Energy’s largest ecomaginationTM certified, coal mine methane (CMM) power plant in Australia has been commissioned ahead of schedule as more mining companies seek to utilize their mine gas to create electricity for local uses and reduce their site emissions. The methane-rich mine gas is being used to generate onsite power at Anglo Coal’s Moranbah North mine in the state of Queensland, helping to reduce the amount of greenhouse gas that can escape into the atmosphere. Through the capture and utilization of mine gas, the Moranbah North project will deliver significant environmental benefits, saving up to about 1.5 million tons of carbon dioxide (CO2) equivalents per year. The 15-engine, 45.6-megawatt (MW) power plant, contracted by Energy Developments Limited (ASX Code: ENE), is designed to contribute to the country’s energy development goals and is accredited under the New South Wales Government Greenhouse Gas Abatement Scheme.
November 17, 2008
Turkish Power Plants First to Use GE’s Newest Fuel-Saving Technology
GE Energy announced today that ENKA Power, a leading utility company in Turkey, has become the first global customer to invest in GE’s newest fuel-saving technology for gas turbines. The efficiency upgrades will be made at two of Turkey’s most important power plants, ENKA Power’s facilities in Adapazari and Izmir. The new upgrades are capable of helping ENKA meet the terms of Turkey’s new energy initiative to improve efficiency and productivity. The project marks the global debut of GE’s newly developed cooling optimization package for 9FA gas turbines. The package increases gas turbine efficiency by more than one percent, which is expected to provide ENKA with significant savings in fuel costs per kilowatt of electricity generated. When completed, the upgrades increase the total output of five combined-cycle blocks by approximately 35 megawatts, or enough power to serve an additional 150,000 Turkish households. GE’s fuel saving technology will help each gas turbine reduce the carbon release by one percent per megawatt produced.
GE Helps South Wales Steel Manufacturer Conserve Water And Cut Costs to Meet Key Environmental Goals
Building on its expertise and broad experience in the steel industry, GE Water & Process Technologies, a unit of General Electric Company (NYSE:GE), has teamed with Orb Electrical Steels to help the Newport, South Wales-based company meet its environmental goals by achieving major water and cost savings. Orb Electrical Steels, a business within the Corus Group and a leading manufacturer of specialty steels for applications worldwide, has reduced its annual water usage by nearly 276,000 cubic meters (60 million gallons) and its annual operating costs by approximately £300,000 ($500,000 US). The project played a key role in enabling Orb to support a corporate sustainability program that calls for reduced water consumption. For its efforts in implementing a more efficient, cost-effective water management system, Orb Electrical Steels recently received a GE ecomagination Leadership Award. This award is given to the top one percentile of GE Water & Process Technologies’ customers who demonstrate significant environmental and economical performance improvements, striking a balance among today’s environmental, industrial and sustainability challenges.
November 13, 2008
Cleaner Coal Technology Key to the World’s Energy Future
GE Energy and the University of Wyoming today announced an agreement to further cleaner coal technology, making coal-fired power generation more viable in America. Under the agreement, GE and the university will develop the High Plains Gasification Advanced Technology Center to accelerate the commercial use of cleaner coal technology. In the United States, coal supplies more than 50 percent of the country’s current electricity generation and it plays an important role in meeting the nation’s energy needs. Coal is an abundant, low-cost, domestic, natural resource that continues to be a significant part of America’s energy mix.
Wyoming is uniquely positioned in the nation’s energy landscape and has vast coal resources capable of supporting a substantial portion of the nation’s energy needs. The state produces approximately 40 percent of all of the coal used in the United States to generate electricity. The new center will include a small-scale gasification system that will enable researchers from GE and the university to develop advanced gasification solutions for Powder River Basin and other Wyoming coals. The research is expected to expand the range of coals that can be used with GE’s integrated gasification combined-cycle (IGCC) technology for power plants. The facility is expected to be operational by 2012.
November 12, 2008
Global Nuclear Fuel and GE Hitachi Nuclear Energy Save 25 Million Gallons of Water, Reduce CO2 Emissions by 80 tons
Global Nuclear Fuel (GNF), a joint venture of GE, Toshiba and Hitachi, spearheaded wastewater plant changes that drove down water usage site-wide at its Wilmington, N.C., headquarters. The result: a reduction in water usage by 25 million gallons annually at the facility, which includes GNF’s US-based fuel manufacturing operations. The plant has been working to optimize its operations and contribute towards GE’s overall ecomagination commitment to reduce its water footprint 20% by 2012. GNF’s new energy efficient wastewater system avoids nearly 80 tons per year of CO2 emissions, and realizes annual savings of $160,000 in water and energy use charges.
The water savings at the GE Hitachi Nuclear Energy (GEH) site were a result of reusing wastewater effluent with ecomagination offering ZeeWeed® membrane bioreactor (MBR) technology as a make-up water source to operate cooling towers, which would otherwise withdraw raw water obtained from local groundwater wells to accomplish the same. MBR combines ultrafiltration with biological treatment to produce a high-quality wastewater effluent that meets or exceeds some of the most stringent wastewater discharge and/or reuse standards. Its operation requires less chemical use, produces less residual waste, and has a much smaller physical footprint than conventional reuse systems.
October 21, 2008
GE Transportation and BHEL Team-up in Pursuit of 1,000 Locomotive Tender for Indian Railways
GE Transportation, a unit of General Electric Company and global diesel locomotive technology leader, and Bharat Heavy Electricals Ltd (BHEL) joined forces to compete for a 1,000 diesel locomotive tender issued by Indian Railways. GE was recently shortlisted by the Indian Railways to compete for this tender. GE and BHEL along with Indian Railways intend to form a Joint Venture company for this purpose. GE Transportation plans to supply diesel locomotives based on the company’s global Evolution® Series locomotive platform. The Evolution® Series locomotive is the most technologically advanced, fuel-efficient and low emissions locomotive to-date. With more than 2,800 units in use today, the Evolution Series locomotive is one of GE Transportation’s best-selling products worldwide. These locomotives deliver 5% higher fuel efficiency and a 40% reduction in emissions over previous locomotives. GE’s locomotive reduces fuel consumption by approx. 300,000 gallons, or more than 1,1 million liters, over the life of the locomotive.
The Evolution Series locomotive serves as one of GE’s first products to be certified as part of its “Ecomagination” initiative. Ecomagination is a company wide commitment to developing technology designed to help customers satisfy environmental challenges, to maximize performance and reduce cost.
GE’s 2008 Ecomagination Revenues to Rise 21%, Cross $17 Billion
GE today affirmed that, amidst global economic turbulence, revenues from its range of energy efficient and environmentally advantageous products and services will surge 21% to $17 billion in 2008, while GE’s annual investment in cleaner research and development will pass $1.4 billion. “There is a green lining among the current economic stormclouds and GE customers and investors are benefiting,” said GE Chairman and CEO Jeff Immelt. “Cleaner innovation and technology resonate in the marketplace, while we slash our own energy and water costs and emissions, further strengthening GE’s competitive position and the advantage GE offers to its customers. Introduced in May 2005, ecomagination is GE’s commitment to conceive and construct pioneering technologies that help customers address their environmental and financial needs and help GE grow.
October 02, 2008
Netherlands Commercial Tomato Greenhouse Boosts Production with Cogeneration Plant Powered by World’s First 24-Cylinder Gas Engines
GE Energy announced today that one of the Netherlands’ largest commercial tomato greenhouse operators is the first to operate the world’s first commercial 24-cylinder gas engine. Royal Pride Holland is using the engines to power the greenhouse’s new cogeneration plant. The new project highlights the increased emphasis on combined heat and power (CHP) in Europe as the region increases its focus on energy efficiency. Last month, two of GE’s 4-MW, natural gas-fueled J624 GS engines began powering Royal Pride Holland’s new greenhouse cogeneration plant. The sprawling greenhouse facility is located in Middenmeer, 50 kilometers north of Amsterdam. The Jenbacher units were installed as part of a pilot project to demonstrate the engine’s commercial viability for the horticultural industry.
September 24, 2008
AKASHA Amazes: GE and Janmar Help Chic California Restaurant Flaunt Unique Environmental Style
From the all-natural ingredients used in the food to the hemp fabric furniture and organic cotton uniforms worn by the staff, every detail of AKASHA was developed with sustainability principles in mind. Located in Culver City, Calif., the new five-star restaurant, bar and bakery features American style cuisine in a hip, creative and environmentally conscious atmosphere. The restaurant’s focus on environmental impacts extends to the lighting design as well. In a collaborative effort, GE Consumer & Industrial, Light Group and Janmar Lighting joined forces to develop a design focused on using innovative technologies in new and unique applications. This new approach not only defies traditional beliefs about restaurant lighting, but also offers AKASHA a total savings of more than $5,000 per year by reducing its energy consumption.
May 28, 2008
GE's Green Harvest Grows to $14 Billion
GE today announced that it is expanding its ecomagination strategy, committing to reduce its global water use by 20% by 2012. The Company also reported that revenues from its portfolio of energy efficient and environmentally advantageous products and services crossed $14 billion in 2007, up more than 15% from 2006; the ecomagination order book surged past $70 billion; and GE's own "cleantech" fund – investment in cleaner technology research and development – passed $1 billion for the first time.
GE made the following progress on each of its ecomagination commitments in 2007, while adding a new commitment on water use and reuse today:
- Double its investment in clean research and development – GE invested $1.1 billion in cleaner technology research and development in 2007, closing in on its $1.5 billion annual ecomagination R&D target by 2010. GE also increased the number of ecomagination-certified products by 38% over last year – from 45 to 62 products.
- Increase revenues from ecomagination products – GE reported $14 billion in revenues from ecomagination products and services in 2007. GE is now escalating its revenue target: from an original goal of $20 billion in annual sales by 2010 to $25 billion in annual sales by the same deadline.
- Reduce its greenhouse gas (GHG) emissions and improve the energy efficiency of its operations – GHG emissions from operations in 2007 were reduced by about 8% from the 2004 baseline. GHG and energy intensity were reduced by 34% and 33%, respectively, compared to 2004 – ahead of GE's commitment to reduce its GHG emissions 1% by 2012, reduce the intensity of its GHG emissions 30% by 2008, and improve energy efficiency 30% by the end of 2012. Energy cost savings to the Company is roughly $100 million thus far.
- GE is newly committing to reducing its global water use from 2006 to 2012 by 20% - In 2007, total GE water consumption from waters used for potable, process, and sanitary purposes as well as non-contact cooling waters from freshwater sources decreased by 2% from what was reported for 2006. Progress on this new goal will be reported annually in future ecomagination reports.
- Keep the public informed – GE continues to inform the public of the Company's progress via its ecomagination web site, advertising and engagement with customers and other stakeholders.
May 26, 2008
GE Korea and New Songdo International City Development, LLC Join Hands to Build ‘Green’ Songdo International City
GE Korea and New Songdo International City Development, LLC. (NSIC), have announced the commencement of a MOU in which GE Korea and NSIC have agreed to collaborate in building ‘green’ homes, commercial buildings and office buildings in the Songdo International Business District (Songdo IBD), a 1,500 acre new city under development off the coast of Incheon. The two companies agreed to collaborate on the new city’s ‘green’ homes, commercial buildings and office buildings for the next three years, and work together on related development and marketing efforts. GE is planning to provide the city with a wide range of energy efficient and environment-friendly solutions in lighting, renewable energy, water, and also to provide support to NSIC and its professional advisers in the design and development of the project.
NSIC and GE Korea also agreed to leverage GE’s ecomagination program to develop a joint branding and marketing strategy for the project, and to jointly promote ‘green’ homes and buildings. There are also high expectations to achieve environmental benefits, such as a reduction in carbon emissions, in energy and water consumption, as well as to provide long-term economic benefits, such as the reduction of development and maintenance costs.
April 21, 2008
ConocoPhillips and GE Collaborate in Global Water Sustainability Research Center
ConocoPhillips and GE Water & Process Technologies, a unit of General Electric Company ,today announced that GE has become an equal co-venturer in ConocoPhillips’ Water Sustainability Center (WSC) in Qatar. Set within the Qatar Science & Technology Park (QSTP) in Doha and expected to open in late 2008, the WSC will research and develop water solutions primarily for the petroleum and petrochemical sectors, but also will focus on municipal and agricultural solutions. On average, approximately three barrels of water are produced for every barrel of oil produced worldwide. However, this water may contain residual components that limit its use without extensive treatment. ConocoPhillips and GE will work to develop more efficient and cost-effective treatment technologies at the WSC. The collaboration will leverage GE’s global scale and broad water portfolio with ConocoPhillips’ understanding of the petroleum and petrochemicals industries to deliver innovative water solutions to customers in the Middle East region and around the globe.