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Jeff Immelt News

02 Oct 2017

GE's Chairman Jeff Immelt Retires

U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company. Baker Hughes' CEO Lorenzo Simonelli will succeed Immelt as chairman of the company's board. W. Geoffrey Beattie was also appointed as lead independent director at Baker Hughes, GE said.

31 Oct 2016

GE to Merge Oil & Gas Unit with Baker Hughes

General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. Shares of Baker Hughes were down nearly 7 percent, a drop that executives said likely was due to the deal's complicated structure. GE is already the world's largest oilfield equipment maker, supplying blowout preventers, pumps and compressors used in exploration and production.

14 Nov 2014

GE Opens Global R&D Center in Brazil

General Electric today announced the opening of the $500 million Brazil Technology Center that will focus on developing advanced subsea oil and gas technology. The center, GE’s first in Latin America, will be a hub for engagement and collaboration with GE’s customers in the region and is expected to employ 400 researchers in the future. In the twentieth century, one of mankind’s greatest feats was successfully landing on the moon more than 235,000 miles from earth. In the 21st century, mankind’s greatest feat may well be securing the  world’s energy future for the next few centuries. Subsea engineers often say that it is actually more difficult to put a machine 10,000 feet under the sea than send a rocket to the moon.

20 Jun 2014

France Picks: GE is the One for Alstom

France chose General Electric to form an alliance with Alstom on Friday - rejecting an offer from Siemens and Mitsubishi Heavy Industries - but said the deal still needed some 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.

16 Jun 2014

Siemens, Mitsubishi Challenge GE with Alstom Offer

Germany's Siemens and Japan's Mitsubishi Heavy Industries presented a joint offer to France's Alstom on Monday that included 7 billion euros ($9.5 billion) in cash, challenging a bid by General Electric. Under the deal, Siemens offered to buy Alstom's gas turbines business for 3.9 billion euros in cash, and MHI to buy stakes in Alstom power assets including hydroelectric power equipment and grid, to be held in separate joint ventures. MHI would inject 3.1 billion euros in cash into Alstom and offer to take a stake of up to 10 percent in the French firm from shareholder Bouygues. "Alstom would remain an independent energy and transport player with a strong brand," Siemens Chief Executive Joe Kaeser said. Alstom said it would review the proposal in the coming days.

21 May 2014

GE CEO Immelt: Expects to Close Alstom Deal

General Electric Co Chief Executive Jeff Immelt

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. "It's a deal that's executable. It's a deal we're experienced in. It's a deal we expect to close," Immelt said at the Electrical Products Group conference.

27 Apr 2014

Hollande To Meet GE Chief To Discuss Alstom

President Francois Hollande and his Economy MinisterArnaud Montebourg will meet General Electric chief executive Jeff Immelt on Monday to discuss the future of French engineering group Alstom, a presidential official told Reuters. The meeting follows news last week that GE is planning a $13 billion deal to buy Alstom's power turbines business, and comes after the intervention on Sunday of the French government and industry rival Siemens of Germany. Reporting by Elizabeth Pineau; Writing by Andrew Callus; Editing by Andrew Roche)

27 Apr 2014

Siemens And France Weigh In As GE Eyes Alstom Deal - Update

Siemens and the French government intervened in General Electric's plan to buy the power arm of Alstom on Sunday with an alternative European "champions" tie-up proposal and a pledge to act inFrance's national interest. Though French trains-to-turbines maker Alstom is privately owned, firebrand Economy Minister Arnaud Montebourg issued a stark reminder of the influence the government holds over a company that relies heavily on orders from state rail operator SNCF and partly state-owned utility EDF. "GE and Alstom have their calendar, which is that of shareholders, but the French government has its own, which is that of economic sovereignty," Montebourg said in a statement, providing the first official confirmation of GE's offer.

27 Apr 2014

Siemens Weighs In As GE Prepares Alstom Power Deal

Alstom's arch rival Siemens wants talks with the struggling French engineering group, the German company said on Sunday, the day General Electric boss Jeff Immelt is due in Paris to thrash out a deal to buy Alstom's global power arm. Siemens said in a statement that it had written a letter to "signal its willingness to discuss future strategic opportunities" with the French group. France's government has said it wants to find alternatives to the GE offer, which sources say puts a value of $13 billion on the turbines and power grid equipment business and could be announced in days. Economy Minister Arnaud Montebourg said last week that he plans a meeting with Immelt.

27 Apr 2014

French Government Will Block Hasty Alstom Deal

France's Economy Minister Arnaud Montebourg confirmed for the first time on Sunday that both General Electric and Siemens were interested in engineering group Alstom and said he would not allow any hasty decisions. In a statement, he said he first learned of GE's interest on Thursday and then of Siemens' proposal earlier on Sunday. He said the government was ready to look at both proposals but "will not accept that a decision is taken, whatever it might be, in haste" and without knowledge of what was in the national interest and what alternatives there might be. Earlier, a spokeswoman said Montebourg was no longer expecting to meet GE chief executive Jeff Immelt on Sunday as government sources reported on Saturday. She said the meeting had been postponed "for a few days".

26 Apr 2014

GE In Talks To Buy Alstom's Power Arm

U.S. industrial conglomerate General Electric Co is in advanced talks to buy the global power division of struggling French engineering group Alstom SA for about $13 billion, sources familiar with the matter said on Friday. Sources said a deal was backed by Alstom's main shareholder, French conglomerate Bouygues with 29 percent, and could be announced in the coming days after an Alstom board meeting on Friday afternoon. The board was due to meet again on Sunday to discuss the transaction, French daily Le Figaro said. "Talks are going ahead swiftly, the deal's structure is defined and everything is almost ready," one of the sources said. Alstom Chief Executive Patrick Kron confirmed to union representatives there were talks about an "industrial deal," but did not name GE.