General Electric Co. (GE) set up two new joint ventures in Russia to expand its presence in the country's healthcare and energy markets.
General Electric Co. (GE) set up two new joint ventures in
Russia
to
expand its presence in the country's healthcare and energy markets.
GE partnered with the energy holding company Inter RAO UES and United Engine
Corp., a maker of engines for aviation, commercial programs and energy
generation. The venture will make energy-efficient, heavy-duty gas-fired power
generation turbines at a facility to be built in the vicinity of Rybinsk. Ground
breaking is planned for late 2011 and the plant should be completed in 2013.
GE also partnered with Russian Technologies, a state controlled conglomerate,
to initially produce CT scanners. The joint venture will expand to other
diagnostic equipment, including angiographs, MRI, ultrasound, digital X-ray,
PET, and gamma cameras.
GE will exercise operational control over the businesses and hold 50% of each
joint venture. Inter RAO UES and United Engine Corp. will each hold a 25% stake
in the energy venture, while Russian Technologies will hold a 50% stake in the
healthcare venture.
In July, GE reported its second-quarter earnings jumped 21%, buoyed by what the
conglomerate called an acceleration of sales of its big-ticket industrial
products in key overseas markets such as
India
and
China
.
Shares edged down 0.8% to $15.95 premarket. The stock has fallen 12% so far
this year, as of Thursday's $16.08 close.
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