GE to Merge Oil & Gas Unit with Baker Hughes
deal comes at a time when North American oil and gas producers are putting rigs back to work after a near-freeze in activity caused by a slump in oil prices that began mid-2014. But the deal is predicated on a forecast for oil prices to rise to $60 per barrel by 2019, GE Chief Executive Jeff Immelt told investors Monday. "This is a very compelling time for the deal," Immelt said, noting he expects $1.6 billion in annual cost savings by 2020. Global oil prices have risen by a third this year to near $50 a barrel. Craighead, who will become vice chairman
GE, Statoil Partner for Sustainable Energy Development
emissions, and water usage, while also optimizing business operations. “In order to respond to the growing energy demands of the world, continued investments in technology and innovation are critical to helping develop long-term, low-cost and more efficient energy solutions,” said Jeff Immelt, chairman and CEO of GE. “The collaboration we are announcing today with Statoil brings together two leading technology players, and allows us to leverage our global network of engineers and technologists to make a profound impact on the development of energy solutions that reduce environmental
GE Opens Global R&D Center in Brazil
the first of these efforts, unveiling plans to work with customers Petrobras and BG Group in the future. “Our new research center in Brazil will allow GE to innovate locally for our customers in Latin America and then export those innovations to the world, “ said GE Chairman and CEO Jeff Immelt. “Over the past decade, we have doubled down on our R&D investment and expanded our global network of Research Centers to address customer’s growing needs for breakthrough technology that we develop with them. We see significant growth opportunities in Latin America and having
France Picks: GE is the One for Alstom
work and added it would buy a 20 percent stake in the hotly-contested company. Economy Minister Arnaud Montebourg said he had used a newly- created state decree to reject both of the existing offers as not being in France's strategic interest, and had formulated fresh demands to GE Chief Executive Jeff Immelt. The decision ended weeks of suspense surrounding one of Europe's fiercest industrial battles in years, but left open major questions about the final shape of an alliance which GE hopes will give it access to new power markets. "The points we have raised with General Electric are precise
GE CEO Immelt: Expects to Close Alstom Deal
General Electric Co Chief Executive Jeff Immelt said on Wednesday that GE is still going to "work constructively" with the French government on its bid for the power business of Alstom and that he expects the deal to close. GE has encountered resistance to its $16.9 billion proposal from the government, which has sought to encourage Germany's Siemens as a potential rival bidder. But Immelt told an investor conference on Wednesday that, "We wouldn't have started if we didn't think we could finish." "It's a deal that's executable. It's a deal we're experienced in. It's a
February 2024
