GE Redefines its Business by Breaking with Tradition and Expanding Overseas
Jul 23rd, 2008 | By Jason Simpkins | Category: Financial News, Stock Market InvestingGeneral Electric Co. (GE), which is reevaluating its operations after two consecutive quarters of sub-par earnings, will advance its presence in the Middle East by partnering with Abu Dhabi’s Mubadala Development Co. to create an $8 billion commercial finance fund.“What it allows us to do is get good geographic and asset spread of risk, but more importantly it allows us to reallocate to higher-return opportunities in commercial finance,” Jeff Immelt, chief executive of GE, told reporters on a conference call.
The two companies will also work together in the clean energy, aviation, and oil and gas sectors, investing $40 billion in commercial and infrastructure projects over the next 18 months.