(Reuters) – Activist investor Nelson Peltz’s fund has bought a $2.5 billion stake in General Electric Co, adding fresh pressure on the U.S. conglomerate to pull off its plan to shift away from finance operations toward its industrial roots.
Shares of Dow industrials component GE rose 4.5 percent to $26.60 on Monday after Peltz’s Trian Fund Management disclosed its roughly 1-percent stake, and said the stock could be worth $40 to $45 per share by the end of 2017.
(Reuters) – Airbus Group SE said on Wednesday it found “minor damage” on an engine powering its new A320neo single-aisle jet after a flight test, but the plane-maker still expects to start deliveries of the widely sold aircraft by the end of the year.
Airbus plans to swap the Pratt & Whitney engine with a spare to continue the test in a “matter of days,” spokesman Clay McConnell said. The company was evaluating the damage and it was too soon to draw conclusions, he added.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) expects its software revenue to roughly triple to $15 billion by 2020 as it reaps significant gains from its digital operations, the U.S. industrial conglomerate said on Tuesday.
The company released its projection at its annual Minds and Machines conference in San Francisco, which spotlights its digital technology capabilities.
Sept 24 (Reuters) – General Electric Co said on
Thursday it reached an agreement with Britain’s export credit
agency for up to $12 billion in financing, possibly creating as
many as 1,000 jobs in the country.
The deal is the latest sign of U.S. exporters’ unhappiness
at the winding down of the U.S. Export-Import Bank, which lent
money to foreign customers of U.S. exporters. Its charter lapsed
on June 30 after conservatives in the U.S. Congress cast it as a
promoter of “crony capitalism.”
WASHINGTON/NEW YORK, Sept 17 (Reuters) – Turning up the
pressure on Congress to revive the U.S. Export-Import Bank,
General Electric Co said on Thursday it would open a new
development center for turboprop engines in Europe because it
cannot access U.S. export financing.
The GE’s move was the latest effort by a big company to
raise the alarm in Washington about the shutdown of new
financing by EXIM, so far with little evident impact on
Sept 17 (Reuters) – United Technologies Corp is
unlikely to hit its traditional target of growing earnings by at
least 10 percent in 2016, as it confronts challenges to its jet
engine and China businesses, the U.S. conglomerate’s chief
executive officer said on Thursday.
“That’s always the goal for UTC – double-digit earnings
growth forever,” CEO Greg Hayes told a Morgan Stanley investor
conference. “As I stand here today, I don’t see it for next
Sept 16 (Reuters) – General Electric Co has no intent
to split off any significant parts of its healthcare business,
GE’s head of the unit said on Wednesday, and that “all aspects”
of the $18 billion division are part of the company’s portfolio.
Some analysts and investors over time have raised questions
about how smoothly GE’s healthcare business fits with the rest
of the industrial conglomerate and whether some parts could
generate more value if divested.
WASHINGTON/NEW YORK (Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it will move as many as 500 U.S. power turbine manufacturing jobs to Europe and China because it can no longer access U.S. Export-Import Bank financing, reigniting a congressional battle over the suspended institution’s future.
The largest U.S. industrial conglomerate said France’s COFACE (COFA.PA: Quote, Profile, Research, Stock Buzz) export agency has agreed to support some of GE’s global power project bids with a new line of credit in exchange for moving production of some heavy-duty gas turbines to Belfort, France, along with 400 jobs.
(Reuters) – General Electric Co said on Monday it would bring its software and IT capabilities under one unit called GE Digital and announced a broader management shuffle, including the retirement of the head of its energy management division.
GE, which under Chief Executive Jeff Immelt has made a big bet on marrying software and analytics with its industrial products, will bring all of the digital capabilities from across the company into one organization, it said.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) said on Thursday it would seek to sell its asset management arm to an investment management firm, as the U.S. conglomerate continues to make moves to focus on its industrial products.
GE Asset Management had $115 billion in assets under management as of June 30, according to GE, and manages retirement plans for the vast majority of GE’s 136,000 U.S. employees as well as assets for outside institutional investors including third-party retirement plans.