GE plans to invest US$2 bln in China
General Electric Co (GE), the U.S. technology and services conglomerate, plans to invest up to US$2 billion in China over the next three years, in a bid to double its revenues in the country, market sources reported.
Capitalizing on business opportunities in China, GE aims to increase its revenues in the nation to US$10 billion by 2010 from US$ 4.4 billion in 2007, with focuses on acquisitions and joint ventures.
The firm was closely watching opportunities to tap into China’s financial services sector, and would continue to enter into joint ventures with leading Chinese companies, said Steve Bertamini, chairman of GE’s greater China operations in an interview.
Facilitating with its manufacturing expansion in China, it intends to import fewer components to its plants, step up sourcing and expand design development capacity.
In addition, the company plans to expand its presence in some of China’s rapidly growing second-tier cities.
GE announced earlier Q1 2008 earnings from continuing operations of US$4.4 billion with US$0.44 per share, down 8% from Q1 2007, due to a slowing U.S. economy and difficult capital markets.
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