(Reuters) – General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) chief on Wednesday gave a faster timeline for the U.S. conglomerate’s massive finance asset sale as he more than doubled a target for benefits from its purchase of Alstom’s (ALSO.PA: Quote, Profile, Research, Stock Buzz) power equipment business.
GE, which announced plans last month to sell $200 billion in GE Capital finance assets, now expects to be largely done with the process by 2016 instead of finishing in 2017, Chief Executive Jeff Immelt told the Electrical Products Group investor conference on Wednesday.
NEW YORK/BRUSSELS (Reuters) – General Electric Co (GE.N: Quote, Profile, Research) said on Monday for the first time it would be willing to consider concessions in order to win European approval to acquire the power equipment unit of France’s Alstom (ALSO.PA: Quote, Profile, Research).
“We are willing to explore remedies to get this deal done even though again we believe in the merits of the deal,” Steve Bolze, president and CEO of GE Power & Water, the conglomerate’s biggest industrial unit, told Reuters in an interview.
NEW YORK/BRUSSELS, May 11 (Reuters) – General Electric Co
said on Monday for the first time it would be willing to
consider concessions in order to win European approval to
acquire the power equipment unit of France’s Alstom.
“We are willing to explore remedies to get this deal done
even though again we believe in the merits of the deal,” Steve
Bolze, president and CEO of GE Power & Water, the conglomerate’s
biggest industrial unit, told Reuters in an interview.
(Reuters) – General Electric Co on Monday announced collaborations with Qualcomm Inc and Apple Inc as it uses digital technology and the growing appetite for data to reinvigorate its 130-year-old lighting business.
With chipmaker Qualcomm, GE is offering retailers a way to connect with shoppers’ smartphones through technology embedded in LED light bulbs, the company said. One use of the “indoor positioning” technology could be to transmit customized coupons to shoppers depending on their store location.
(Reuters) – As his company gets closer to telling shareholders its plan for allocating cash, Eaton Corp Chief Executive Alexander Cutler said on Wednesday a recent call by a prominent asset manager to think long-term represented a “healthy voice.”
BlackRock Inc Chief Executive Officer Larry Fink earlier this month sent a letter to CEOs of the Standard & Poor’s 500 companies urging them to take a long-term approach to create value for shareholders or risk losing his firm’s support. Fink asked the companies to avoid short-term pressures created by the increasing activist shareholder activity of recent years.
April 29 (Reuters) – The lead director of DuPont said
on Wednesday it was not a surprise that proxy advisory firm ISS
recommended shareholders vote for two nominees backed by
activist Trian Fund Management.
ISS on Monday recommended that shareholders vote in favor of
Trian co-founder Nelson Peltz and another nominee, although it
did not recommend two others. DuPont’s annual shareholder
meeting is set for May 13.
(Reuters) – For two years, 3M Co has been among the best bets in industrial stocks, with analysts swooning over its financial performance and desire to return cash to shareholders. That momentum stalled on Thursday.
The maker of Post-it notes, adhesives and other products for various industries cut its profit forecast by about 2.5 percent for the year, as it posted a slight decline in first-quarter net profit.
(Reuters) – U.S. manufacturer 3M Co (MMM.N: Quote, Profile, Research, Stock Buzz) posted slightly lower quarterly net income on Thursday and cut its full-year profit forecast as the strong dollar bites into sales more than it previously forecast.
3M, a maker of adhesives, abrasives and other products for a variety of industries, reported a 6.5 percent reduction from the stronger dollar — a sharper first-quarter hit than reported by other industrials such as Honeywell International Inc (HON.N: Quote, Profile, Research, Stock Buzz) and United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz). Strength in the dollar reduces foreign sales when they are translated back into the greenback.
(Reuters) – United Technologies Corp is nearing a decision on whether to spin off its Sikorsky helicopter unit as the business is struggling with its financial performance.
United Tech Chief Executive Officer Greg Hayes said on Tuesday he expects the company to finish its review of strategic options for Sikorsky by midyear. The review was announced in March.
(Reuters) – United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) posted a higher-than-expected quarterly profit on Tuesday, helped by gains in its unit selling climate control and security systems for buildings, even as a stronger dollar weighed on sales.
The U.S. conglomerate’s sales slipped 1.4 percent to $14.54 billion, shy of Wall Street’s target of $14.88 billion. Foreign currency swings hurt sales by 4 percentage points, with sales otherwise growing 3 percent on an organic basis.