The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. Less than a year later, GE is bailing out of the deal, the firm announced Tuesday, planning…
GE to Divest Baker Hughes Stake
General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants and renewable energy. The changes aim to reward battered shareholders and strengthen GE's balance sheet by reducing debt, building up cash and further shrinking GE Capital, GE said. Shareholders will receive 80 percent of the value of GE Healthcare as a tax-free distribution, GE said.
GE Profit Tops Estimates
General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting.
CEVA Appoint Two Sr Executive
Hoofddorp, the Netherlands, 27 April, 2015 – CEVA Logistics, one of the world's leading supply chain companies, today announced the appointment of two senior executives with deep sector-specific operations expertise to further drive its customer-focused Contract Logistics strategy. In its Contract Logistics business line, CEVA has established an industry sector and solutions approach led by industry operations experts in Automotive, Industrial, Technology, Consumer and Retail, Healthcare and Energy.
Enel Spends $60 mln, Raises Buffalo Dunes Stake
Italy's biggest green energy company Enel Green Power said on Monday it had agreed to pay $60 million to take its stake in U.S. wind farm Buffalo Dunes to 75 percent. In a statement Enel Green Power, which is controlled by Italy's biggest utility Enel, said its North America unit had signed an agreement with GE Capital to buy a further 26 percent stake in the company that runs the U.S. wind farm. "The full consolidation of the Buffalo Dunes wind farm will take EGP's installed capacity in North America to about 2 gigawatts…
GE's Energy Financing Profits Could Double by 2020
General Electric Co expects annual profit from energy investments to double to nearly $800 million by 2020, highlighting the conglomerate's desire to remain a financing powerhouse for industry even as it slims its credit card portfolio. Chief Executive Officer Jeff Immelt has made energy sector growth a key part of his plan to return the company to its manufacturing roots, adding oilfield pumps, wind turbines and similar products to the portfolio in recent years.
