(Reuters) – The head of General Electric Co’s (GE.N: Quote, Profile, Research, Stock Buzz) power division said on Tuesday the company will come “out of the box very strong” as it seeks to wring out $3 billion in cost savings over five years from its acquisition of Alstom’s energy business (ALSO.PA: Quote, Profile, Research, Stock Buzz).
The deal with France’s Alstom, cleared by European Union regulators earlier on Tuesday, will add up to 65,000 employees to GE’s current workforce of about 305,000, and significantly expand GE’s reach in the global market for power generation equipment.
(Reuters) – General Electric Co is expected to win regulatory approval next week for its purchase of the power equipment business of France’s Alstom, allowing the U.S. industrial conglomerate to finally carry out a major cost-cutting program 16 months after first announcing the deal.
The European Commission has set a Sept. 11 deadline to decide on the roughly $13.5 billion deal, the biggest acquisition ever for GE, which will bring together two of the world’s largest manufacturers of power plant hardware.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) on Tuesday named Beth Comstock, a longtime marketing and communications executive who leads GE Business Innovations, as vice chair.
Comstock, 55, becomes the first woman in GE’s history to become a vice chair, a title that three other company executives also hold.
(Reuters) – A U.S. labor ruling that companies can be held liable for labor violations committed by franchisees and contractors creates risks for a swath of staffing firms that provides temporary workers to a broad range of industries, although some analysts doubted the ruling would significantly hurt the sector.
The National Labor Relations Board ruling on Thursday found that companies can be held liable for labor violations committed by franchisees and contractors even when they have only indirect control over workers, a decision that could give unions greater bargaining power.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) said on Monday it was cutting 262 more jobs at its Lufkin oil unit in Texas and closing a foundry as it grapples with the plunge in global oil prices.
GE earlier this year said it planned to eliminate some 575 jobs from Lufkin, bringing the total cuts to more than 800.
(Reuters) – General Electric Co said on Wednesday it is developing a cloud-based service tailored for industrial customers, the latest step in the U.S. conglomerate’s effort to gain business from data generated by machines.
GE Chief Executive Jeff Immelt has bet on developing analytics and software for customers of the company’s jet engines, power-generating turbines, healthcare equipment and other industrial products.
(Reuters) – Thomson Reuters Corp (TRI.N: Quote, Profile, Research, Stock Buzz) (TRI.TO: Quote, Profile, Research, Stock Buzz) on Wednesday reported higher-than-expected quarterly profit as the company’s biggest division that serves banks and financial institutions showed underlying revenue growth for the first time since 2011.
Revenue at its Financial & Risk segment rose 1 percent in the second quarter when excluding currency and acquisitions.
By Esha Vaish and Lewis Krauskopf
(Reuters) – Honeywell International Inc (HON.N: Quote, Profile, Research, Stock Buzz) has made its largest purchase in more than a decade, agreeing to buy the utility consumption metering business of Britain’s Melrose Industries Plc (MRON.L: Quote, Profile, Research, Stock Buzz) for about $5.1 billion.
The move, announced on Tuesday, is the first major deal for Honeywell, the U.S. diversified industrial manufacturer, since it laid out a five-year plan in March 2014 to target at least $10 billion in acquisitions. Investors have been eager to see how industrial companies use their capital as many of their markets struggle for growth.
July 27 (Reuters) – The executive in charge of United
Technologies Corp’s building systems business, Geraud
Darnis, is leaving the company in the latest management change
at the U.S. conglomerate.
As president of UTC Building & Industrial Systems, Darnis
has been overseeing divisions that accounted for just less than
half of the company’s $65 billion in revenue last year. The
divisions include Otis elevators and Carrier climate control
July 26 (Reuters) – General Electric Co wants to be a
“sizable” player in the market for systems that store energy to
manage power volatility, a sector the company expects to
quadruple to $6 billion by 2020, the head of GE’s energy storage
business told Reuters.
Demand for industrial battery systems is being driven by
increasing reliance on intermittent energy sources such as wind
and solar power and the potential to add energy to the grid
quickly when power needs spike.