HOUSTON — GE Oil & Gas and a subsidiary of Qatar Petroleum said Tuesday that they have signed partnership deals that the companies say will bolster GE Oil & Gas' pipeline business in the Middle East and help Qatar boost oil and gas capacity.
Under the first agreement, Al Shaheen Energy Services will become a 50 percent partner in GE Oil and Gas' PII Pipeline Solutions business that provides services to help secure safe pipeline operations, maximize throughput for operators and maintain cost-effective compliance.
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Wednesday, December 23, 2009
GE to make $86M in Naval aircraft repairs
General Electric Co.’s Aviation division has brought in $85.7 million to repair and replace aircraft engine components, according to the U.S. Department of Defense.
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GE jet engine joint venture to power China's new plane
GE jet engine joint venture to power China's new plane
One of the most advanced jet engines soon to enter service has just been selected as the sole western power plant for China’s new C919 single-aisle, 150-seat passenger jet. Made by CFM International, which is a 50/50 joint venture between GE and SAFRAN Group, the engine could end up powering more than 2,000 planes over the next 20 years based on estimates by the developer and manufacturer of the C919, Commercial Aircraft Corporation of China, or COMAC. As Bloomberg News reports in its story on December 21, with narrowbody jetliners making up more than 60 percent of all commercial aircraft, “manufacturers have estimated the market for new engines as replacements or on newly designed single-aisle aircraft at $30 billion to $50 billion.”
The deal marks a new era for the joint venture, which last year extended its partnership through 2040 in order to power the next-generation of single-aisle commercial aircraft. CFM has already delivered 20,000 engines over four decades — making it the most popular airline jet engine ever. In fact, a CFM-powered airplane takes off every 2.5 seconds.
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One of the most advanced jet engines soon to enter service has just been selected as the sole western power plant for China’s new C919 single-aisle, 150-seat passenger jet. Made by CFM International, which is a 50/50 joint venture between GE and SAFRAN Group, the engine could end up powering more than 2,000 planes over the next 20 years based on estimates by the developer and manufacturer of the C919, Commercial Aircraft Corporation of China, or COMAC. As Bloomberg News reports in its story on December 21, with narrowbody jetliners making up more than 60 percent of all commercial aircraft, “manufacturers have estimated the market for new engines as replacements or on newly designed single-aisle aircraft at $30 billion to $50 billion.”
The deal marks a new era for the joint venture, which last year extended its partnership through 2040 in order to power the next-generation of single-aisle commercial aircraft. CFM has already delivered 20,000 engines over four decades — making it the most popular airline jet engine ever. In fact, a CFM-powered airplane takes off every 2.5 seconds.
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Sunday, December 20, 2009
Imagining a Smaller GE Capital (NYT)
Imagining a Smaller GE Capital
Imagine that Jeffrey R. Immelt, chief executive of General Electric, could remake the conglomerate’s troubled finance unit, GE Capital, from scratch. Ideally he would narrow its focus to businesses related to G.E.’s core industrial strengths — and the size of its balance sheet to about $360 billion in assets, Reuters Breakingviews suggests. Imagining, though, illustrates just how difficult it will be to tame GE Capital to a manageable size.
Mr. Immelt has already taken out the hatchet. But his aim of chopping GE Capital’s balance sheet down from $631 billion, by about a quarter across most areas, is going to take time. He has 2012 in his sights to achieve this ambition — something he is likely to reiterate at his annual investor presentation Tuesday. That could seem an eternity to investors who have seen the company’s market value shrink by more than $240 billion since the credit crisis erupted, Reuters Breakingviews notes.
If it were possible for Mr. Immelt to hit the reset button on GE Capital, Reuters Breakingviews says, it is not difficult to see what would disappear first: commercial real estate. The market for office properties and securities is in a shambles, and GE Capital, as both lender and landlord, is heavily exposed. The company recently raised to $7 billion its estimate of unrealized losses on underwater properties. The trouble is that most experts predict that asset values for everything from apartment buildings to skyscrapers have further to fall.
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Imagine that Jeffrey R. Immelt, chief executive of General Electric, could remake the conglomerate’s troubled finance unit, GE Capital, from scratch. Ideally he would narrow its focus to businesses related to G.E.’s core industrial strengths — and the size of its balance sheet to about $360 billion in assets, Reuters Breakingviews suggests. Imagining, though, illustrates just how difficult it will be to tame GE Capital to a manageable size.
Mr. Immelt has already taken out the hatchet. But his aim of chopping GE Capital’s balance sheet down from $631 billion, by about a quarter across most areas, is going to take time. He has 2012 in his sights to achieve this ambition — something he is likely to reiterate at his annual investor presentation Tuesday. That could seem an eternity to investors who have seen the company’s market value shrink by more than $240 billion since the credit crisis erupted, Reuters Breakingviews notes.
If it were possible for Mr. Immelt to hit the reset button on GE Capital, Reuters Breakingviews says, it is not difficult to see what would disappear first: commercial real estate. The market for office properties and securities is in a shambles, and GE Capital, as both lender and landlord, is heavily exposed. The company recently raised to $7 billion its estimate of unrealized losses on underwater properties. The trouble is that most experts predict that asset values for everything from apartment buildings to skyscrapers have further to fall.
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Defensive Posture Helped Boost GE, Immelt Says (WSJ)
Defensive Posture Helped Boost GE, Immelt Says
General Electric Co. Chairman and Chief Executive Jeff Immelt told investors Tuesday that the "worst is over" for the company's finance unit, and he forecast that GE revenue next year will roughly equal this year's.
Speaking from the stage of "Saturday Night Live" in New York's Rockefeller Center, Mr. Immelt said GE's outlook improved after the company played "defense" for much of the past year. "I think you can think about the company being back on offense, doing what we do best," he said. He also said the global economic environment is improving, though he expects the recovery to be gradual.
GE projects 2010 revenue of about $155 billion, flat with this year, and a profit margin of about 16%, also unchanged. GE doesn't offer a formal earnings estimate, but Mr. Immelt said he expects sales and profit in GE's industrial units to be roughly flat next year compared with this year. GE said last week it expects profit at its finance unit, GE Capital, to be flat in 2010.
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General Electric Co. Chairman and Chief Executive Jeff Immelt told investors Tuesday that the "worst is over" for the company's finance unit, and he forecast that GE revenue next year will roughly equal this year's.
Speaking from the stage of "Saturday Night Live" in New York's Rockefeller Center, Mr. Immelt said GE's outlook improved after the company played "defense" for much of the past year. "I think you can think about the company being back on offense, doing what we do best," he said. He also said the global economic environment is improving, though he expects the recovery to be gradual.
GE projects 2010 revenue of about $155 billion, flat with this year, and a profit margin of about 16%, also unchanged. GE doesn't offer a formal earnings estimate, but Mr. Immelt said he expects sales and profit in GE's industrial units to be roughly flat next year compared with this year. GE said last week it expects profit at its finance unit, GE Capital, to be flat in 2010.
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GE unit to supply 100 locomotives to Transnet (BW)
GE unit to supply 100 locomotives to Transnet
A unit of conglomerate General Electric Co. will supply 100 locomotives to Transnet Freight Rail, South Africa's state-owned rail freight logistics utility.
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A unit of conglomerate General Electric Co. will supply 100 locomotives to Transnet Freight Rail, South Africa's state-owned rail freight logistics utility.
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GE-Hitachi / Detroit Edison Nuclear Plant (WSJ)
GE-Hitachi, Detroit Edison Reach Deal For Nuclear Plant
The nuclear-power joint venture of General Electric Co. (GE) and Hitachi Ltd. (HIT, 6501.TO) has reached an agreement with DTE Energy Co.'s (DTE) Detroit Edison utility related to the venture's next-generation nuclear reactor.
The deal on site-preparation work moves the project ahead in its federal license application process.
Detroit Edison, Michigan's largest utility, is using the reactor design in its application to the U.S. Nuclear Regulatory Commission to construct and operate a proposed generator on the site of the company's Fermi 2 Power Plant, located 35 miles south of Detroit.
NBC Universal / Comcast (NYT)
G.E. Makes It Official: NBC Will Go to Comcast
After nearly nine months of negotiations, Comcast, the nation’s largest cable operator, announced an agreement on Thursday to acquire NBC Universal from the General Electric Company.
The deal valued NBC Universal at about $30 billion.
The agreement will create a joint venture, with Comcast owning 51 percent and G.E. owning 49 percent. Comcast will contribute to the joint venture its stable of cable channels, which includes Versus, the Golf Channel and E Entertainment, worth about $7.25 billion, and will pay G.E. about $6.5 billion in cash, for a total of $13.75 billion. For now, the network will remain NBC Universal, but ultimately Comcast could decide to change the name....
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After nearly nine months of negotiations, Comcast, the nation’s largest cable operator, announced an agreement on Thursday to acquire NBC Universal from the General Electric Company.
The deal valued NBC Universal at about $30 billion.
The agreement will create a joint venture, with Comcast owning 51 percent and G.E. owning 49 percent. Comcast will contribute to the joint venture its stable of cable channels, which includes Versus, the Golf Channel and E Entertainment, worth about $7.25 billion, and will pay G.E. about $6.5 billion in cash, for a total of $13.75 billion. For now, the network will remain NBC Universal, but ultimately Comcast could decide to change the name....
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