General Electric

News aus der Elektroindustrie

For weeks there have been discussions about the further strategy and the restructuring of the giant General Electric.

For weeks there have been discussions about the further strategy and the restructuring of the giant General Electric.

And again and again in this context, the name of the highest boss John Flannery fell. They accuse him of the wrong approach, and the share price reached a further low with a value of less than 12 USD (10.34 EUR).

John L. Flannery became CEO of GE in August 2017 after longtime Chairman Jeffrey R. Immelt retired after 16 years (2001 - 2017); and even before that, a very big man was at the helm (John Francis "Jack" Welch from 1981 - 2001).

The Board of Directors has now unanimously agreed to replace Flannery and immediately appointed Lawrence Culp, Jr. as the new Chairman and CEO. He will be joined by Thomas W. Horton, as Lead Director, who, like Culp, has been on the board since April of this year.

Of course, the stock market reacted immediately with a price jump upwards.

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Alstom takes its option to excit the 3 joint ventures created in 2015 after the sale of the energy business to General Electric. Alstom receives 2.59 bn EUR; the transfer of the assets is scheduled for autumn.

Alstom takes its option to excit the 3 joint ventures created in 2015 after the sale of the energy business to General Electric. Alstom receives 2.59 bn EUR; the transfer of the assets is scheduled for autumn.

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Electrical storage, sustainable energy, etc. a market in which Tesla has been playing an important role..........

Electrical storage, sustainable energy, etc. a market in which Tesla has been playing an important role..........

for some time. Will GE also be involved in this market in the future?

The American power market is certainly a very good investment; especially since GE has stated several times that it wants to sell corporate values for about 20 bn USD (16 bn EUR) in order to concentrate entirely on energy, aviation and health in the future.

Where the returns are more attractive; a not insignificant point for a listed company.
 

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The former chairman of General Electric's Hungarian business unit, Jorge Bauer, is said to be taking over............

The former chairman of General Electric's Hungarian business unit, Jorge Bauer, is said to be taking over............

the lighting business of the GE Group in Europe, Africa, the Middle East and Turkey; plus the worldwide automotive lighting.

The deal excludes GE Lighting's North America business and LED lighting: these will  be sold later either together or separately. At GE, one wants to leave the lighting sector and focus on more lucrative businesses such as health and aviation.

The sale should be completed by the middle of the year and also includes the five manufacturing sites in Hungary, where more than 4,000 people are employed.

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Due to the change from Jeff Immelt to John Flannery at the top of the global player, it is not only a matter of a change of personnel, but still more, as you will see right away.

You can read more about this in our newsletter "electrical-business-news".

Due to the change from Jeff Immelt to John Flannery at the top of the global player, it is not only a matter of a change of personnel, but still more, as you will see right away.

You can read more about this in our newsletter "electrical-business-news".

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Jeff Immelt, the president of General Electric, said at an event in Stamford/CT that the conglomerate GE.......

Jeff Immelt, the president of General Electric, said at an event in Stamford/CT that the conglomerate GE.......

is always going to have a strong presence in the federal state of Connecticut, but also confirmed that the search is on for a site for a new headquarter.

The company not only has its headquarters in Fairfield but also other branches in Bloomfield, Norwalk, Plainville, Stamford and Windsor.

The firm has criticized tax increases which came into force this year. Some of these taxes were retracted and as the press now reports, the state budget which was passed in June contains millions of dollars of tax relief for GE if GE accepts.

Immelt said that GE doesn’t want any special treatment but left it open whether he is going to stay in Connecticut. GE said that a decision will be made on this question by the end of the year.

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