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BUSINESS
January 19, 2007 | From the Associated Press
General Electric Co. will acquire part of Abbott Laboratory Inc.'s diagnostics business for $8.13 billion in cash, the two companies announced Thursday. The addition of Abbott's primary in vitro diagnostics and point-of-care diagnostics businesses will broaden GE's $16-billion healthcare business, which has moved into healthcare information technology and molecular diagnostics in the last few years.
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BUSINESS
January 9, 2007 | From Bloomberg News and the Associated Press
General Electric Co. is seeking bids for its GE Plastics unit and may be offered as much as $10 billion, people with direct knowledge of the auction said Monday. The bids may come from private equity firms, said the people, who asked not to be identified because the talks are private. GE spokesman Russell Wilkerson declined to comment. A sale would free GE Chief Executive Jeffrey Immelt of one of the drags on GE's recent earnings. He said at a Dec. 13 investor meeting that the Fairfield, Conn.
BUSINESS
December 29, 2006 | From Bloomberg News
General Electric Co. said Thursday that it would go beyond a new federal disclosure rule on executive pay and tell shareholders for the first time the full extent of its compensation consultant's work for the company. The decision followed talks with the AFL-CIO, GE spokesman Peter O'Toole said. The union federation is pressing companies for evidence that consultants are giving independent advice on executive pay.
BUSINESS
December 15, 2006 | From Bloomberg News
Vivendi decided to keep its 20% stake in entertainment company NBC Universal and agreed with partner General Electric Co. to extend their shareholder agreement, the French media and telecommunications group said Thursday. Vivendi said it would not exercise an option to sell part of its holding in January. Paris-based Vivendi and Fairfield, Conn.-based General Electric formed NBC Universal in 2004, when Vivendi sold its U.S.
BUSINESS
December 13, 2006 | From the Associated Press
General Electric Co. reaffirmed Tuesday that it expected earnings to increase 15% to 16% in 2006, and said it expected double-digit earnings growth for 2007. The Fairfield, Conn.-based industrial, financial services and media conglomerate said it expected this year's fourth-quarter earnings to increase 13% to 16%, or 62 to 64 cents a share. It said earnings for all of 2006 would be $1.97 to $1.99 a share. Previously, GE had predicted earnings of $1.94 to $2.02 this year.
BUSINESS
December 12, 2006 | From Reuters
General Electric Co. lashed out Monday at a lack of competition in Mexico's broadcasting industry and said it had been vilified because of plans by its Telemundo unit to start a network in the country. GE said in full-page ads in several Mexican dailies that Mexico's second-largest network, TV Azteca, had attacked GE on one of its news shows last week in the hope of thwarting an application by its U.S. Spanish-language television arm, Telemundo, for a broadcasting license.
BUSINESS
November 18, 2006 | From Bloomberg News
Vivendi, the French owner of Universal Music Group, said it planned to decide by January whether to exercise an option to sell part of its stake in NBC Universal to General Electric Co. "We're reflecting on our position in NBC Universal and will take a decision at the latest in January 2007," Chief Executive Jean-Bernard Levy told shareholders in Paris. Vivendi, which owns 20% of NBC Universal, has an option to sell as much as $3 billion of the stake to GE.
BUSINESS
November 14, 2006 | From Reuters
U.S. conglomerate General Electric Co. and Japan's Hitachi Ltd. said Monday that they planned to pool their nuclear units in a $2-billion enterprise they hoped would capture more contracts as power suppliers gear up to build a new generation of plants. The two companies, which already have a joint venture for nuclear fuels, have also teamed up on a bid to build a nuclear power plant that merchant power company NRG Energy Inc. aims to build in Texas.
BUSINESS
October 14, 2006 | Lorenza Munoz, Times Staff Writer
NBC Universal's operating profit fell 10% in the third quarter as higher revenue from a flurry of film and DVD releases was offset by a sluggish lineup of expensive new television shows. The performance was a drag on the otherwise strong results of parent and U.S. market bellwether General Electric Co., which reported a 6.1% profit increase on a 12% gain in sales. The results matched Wall Street expectations, but GE shares fell 24 cents to $35.98 on Friday.
BUSINESS
September 15, 2006 | From the Associated Press
General Electric Co. said Thursday that it would sell most of its advanced materials unit for $3.8 billion in the latest move to reshape one of the world's largest companies. The industrial, financial services and media conglomerate said that after the sale to private investment group Apollo Management it would retain a 10% stake in the unit, which has annual revenue of $2.5 billion and makes silicones and quartz products used in industrial applications.
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