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Apr 26, 2014
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Apr 25, 2014

GE’s energy financing profits could double by 2020

NEW YORK (Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) expects annual profit from energy investments to double to nearly $800 million by 2020, highlighting the conglomerate’s desire to remain a financing powerhouse for industry even as it slims its credit card portfolio.

Chief Executive Officer Jeff Immelt has made energy sector growth a key part of his plan to return the company to its manufacturing roots, adding oilfield pumps, wind turbines and similar products to the portfolio in recent years.

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