general electric co (GE) Key Developments
Wells Fargo Is Said To Be Front-Runner To Buy GE Railcar Unit
Aug 28 15
Wells Fargo & Company (NYSE:WFC) has emerged as the front-runner to buy General Electric Company's (NYSE:GE) railcar-financing unit, people with knowledge of the matter said. An agreement to buy the business, which has more than $4 billion in assets, could be announced by the U.S. Labor Day holiday September 7, 2015, said the people, who asked not to be identified because the matter is private. A deal hasn’t been finalized, the people said. The process remains competitive, one of the people said. Sumitomo Mitsui Financial Group Inc. also is pursuing the business, the people said. A spokesman for GE declined to comment, as did a representative for Wells Fargo, reported Bloomberg.
GE to Supply Five 2.75-120 Wind Turbines for New Wind Farm Project Near Crosey Le Grand
Aug 26 15
GE has contracted to supply five of its 2.75-120 wind turbines for a new wind farm project near Crosey Le Grand, in the Franche Comté region of France. Developed by Opale Energies Naturelles on behalf of Velocita Energy, the Monts du Lomont installation will contribute to the region's objective of harnessing 600 MW of wind power by 2020. GE will supply the site with five 2.75-120 wind turbines along with a full service agreement. The 13.75-MW project will be the first in France to use the 2.75-120 model, a unit that will allow developers to enter low-wind regions. The Monts du Lomont project is the first time GE and Velocita Energies have worked together to implement a renewable energy solution. Shipment of the wind turbines will start in the third quarter of 2015 with commercial operation expected to begin in late 2015.
General Electric Plans to Cut Jobs and Close Foundry at Lufkin Oil-Field Services Unit in Us
Aug 25 15
General Electric (GE) has announced plans to shut down a foundry as well as cut more than 250 jobs at its Lufkin oil-field services unit in, Texas, US, amid dropping global oil prices. The decision to close the foundry and 262 axe jobs at the two Angelina County, Texas, sites is driven by the reduction in demand for drilling equipment made by GE's unit Lufkin Industries due to the plunging oil prices.
General Electric to Shut Down its Fort Edward, New York-Based PCB Process Facility
Aug 21 15
General Electric will begin to shut down its Fort Edward, New York-based PCB process facility. The location was part of a $1 billion, multi-year dredging project along the Hudson River. GE, which employs 7,000 workers locally, will decommission the facility in 2016.
TPG Capital Exits Race For GE Capital's Remaining Australia Assets
Aug 21 15
TPG Capital was among the last potential bidders to pull out from the proposed sale of General Electric Company (NYSE:GE).