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
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.
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
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.
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.”
(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.
(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.
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.
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.
May 27 (Reuters) – As General Electric Co seeks to
unload most of its finance assets, it is prioritizing the sale
of businesses that provide lending to U.S. and European private
equity firms, and to healthcare-related businesses, GE Capital’s
top executive said on Wednesday.
Because these businesses have a lot of “franchise
value…customers won’t do any business with us unless they know
who the owner is. We have to get those done quickly,” Keith
Sherin, chief executive of GE Capital, told an investor
conference in New York.
(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.