Correspondent, U.S. health team leader
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Jul 2, 2015

Regulatory rebuffs could force GE to seek other deals, more buybacks

By Lewis Krauskopf

(Reuters) – U.S. and European regulatory resistance could force General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) to seek another buyer for its appliances business and different paths to expand its industrial operations in an ongoing strategic overhaul.

Chief Executive Jeff Immelt wants further focus on manufacturing of higher-margin products such as jet engines and power-generating turbines, and to move away from riskier finance earnings.

Jul 1, 2015

U.S. sues to stop Electrolux acquiring GE’s appliance business

WASHINGTON (Reuters) – The United States filed a lawsuit on
Wednesday to stop Sweden’s Electrolux AB, which owns
the Frigidaire, Kenmore and Tappan brands, from buying General
Electric Co’s appliance business, the Justice Department
said in a statement.

It said the $3.3 billion deal would hurt competition, and
consumers, by combining two of the three top makers of stoves,
cooktops and ovens. Whirlpool Corp, which bought Maytag
in 2006, is the third.

Jun 30, 2015

GE Capital CEO sees asset sale pace speeding up in third quarter

By Lewis Krauskopf

(Reuters) – The head of General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) finance unit said on Tuesday he expects the pace of GE Capital asset sales to accelerate in the third quarter as part of the U.S. conglomerate’s move to become a more focused industrial manufacturer.

GE on April 10 unveiled plans to shed some $200 billion in finance assets, and has since forged agreements for about $23 billion in asset sales.

Jun 30, 2015

GE Capital CEO sees asset sale pace speeding up in Q3

June 30 (Reuters) – The head of General Electric Co’s
finance unit said on Tuesday he expects the pace of GE Capital
asset sales to accelerate in the third quarter as part of the
U.S. conglomerate’s move to become a more focused industrial
manufacturer.

GE on April 10 unveiled plans to shed some $200 billion in
finance assets, and has since forged agreements for about $23
billion in asset sales.

Jun 30, 2015

Emerson Electric to spin off network power business

June 30 (Reuters) – U.S. factory automation equipment maker
Emerson Electric Co said it planned to spin off its
network power business as part of its efforts to focus on
high-growth businesses.

The network power business, which makes power systems that
help keep telecommunication systems, data networks and other
critical business applications operating continuously, accounted
for about 20 percent of total sales in 2014.

Jun 26, 2015

Knicks pick Porzingis ready to turn around boos from hometown fans

NEW YORK (Reuters) – Latvia’s Kristaps Porzingis received a rough welcome to U.S. professional basketball on Thursday, when fans of the New York Knicks booed their team’s selection of the 19-year-old with the fourth pick in the NBA draft.

But the slender, 7-foot-1 (2.16 m) forward Porzingis took the reception in his stride, acknowledging that New York fans are “a little harsh sometimes, but … I’m ready for it.”

Jun 23, 2015

3M strikes $1.8 billion deal for KKR’s Capital Safety

By Lewis Krauskopf

(Reuters) – 3M Co (MMM.N: Quote, Profile, Research, Stock Buzz) on Tuesday struck a deal to boost its presence in worker protection gear by buying Capital Safety from private equity firm KKR & Co (KKR.N: Quote, Profile, Research, Stock Buzz) for $1.8 billion, the U.S. diversified manufacturer’s largest-ever purchase.

The transaction fits with 3M Chief Executive Officer Inge Thulin’s five-year goal of $5 billion to $10 billion in acquisitions through 2017. It also comes as other industrial companies, such as Honeywell International Inc (HON.N: Quote, Profile, Research, Stock Buzz) and United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz), are scouring for deals.

Jun 16, 2015

Eaton taps industrial head to replace longtime CEO Cutler

By Lewis Krauskopf

(Reuters) – Diversified manufacturer Eaton Corp on Tuesday named the head of its industrial sector businesses to replace longtime Chief Executive Officer Sandy Cutler who is retiring.

The manufacturer of electrical and power products said Craig Arnold, 55, will take on the transitional roles of president and chief operating officer on Sept 1. He will take over as chairman and CEO in June 2016. The departure of Cutler, who has been CEO since August 2000, has been long-telegraphed as he approached Eaton’s mandatory retirement age of 65.

Jun 8, 2015

GE close to selling private equity lender to top Canada pension fund

NEW YORK (Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) is near an agreement to sell its private equity lending unit to the Canada Pension Plan Investment Board, Canada’s biggest pension fund, according to a source familiar with the matter, as the conglomerate takes a big step in a planned massive pullback from its finance operations.

The deal with the CPPIB is expected to include GE’s Antares Capital business, a middle-market lender for private equity- backed transactions, the source said. It does not, however, include all of GE’s U.S. sponsor finance business, such as the joint venture with Ares Management (ARES.N: Quote, Profile, Research, Stock Buzz), the source added.

Jun 1, 2015

3M’s new technology chief has a bigger budget, bigger goal

By Lewis Krauskopf

ST. PAUL, Minn. (Reuters) – At a time when many companies are investing a smaller portion of revenues in research and development, 3M Co has given Chief Technology Officer Ashish Khandpur more to spend, and he is aiming at bigger targets.

Khandpur, a 20-year 3M veteran and chemical engineer who holds patents related to pressure-sensitive adhesives, is helping oversee a push to expand R&D spending to about 6 percent of revenue by 2017 from about 5.5 percent in 2012. That equates to about $160 million in additional spending annually.

    • About Lewis

      "I help coordinate coverage of healthcare companies for Reuters in the United States. I also cover health insurers, pharmacy benefit managers, generic drugmakers and pharmaceutical companies."
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