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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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BUSINESS
July 19, 2006 | From Bloomberg News
BP and General Electric Co. said Tuesday they had agreed to develop fossil-fuel-fed power plants in California and Scotland that bury carbon dioxide underground to reduce emissions. The two companies said they might form a venture to build as many as 15 power plants in the next decade, including those previously announced in Carson in Los Angeles County and Peterhead, Scotland. BP, based in London, and GE, based in Fairfield, Conn.
BUSINESS
July 15, 2006 | From the Associated Press
General Electric Co., the industrial, financial services and media conglomerate, said Friday that its second-quarter profit rose 4% as strong growth in most of its businesses offset weakness at its NBC television network. The results were in line with expectations, but its shares slumped to a new 52-week low as analysts hoping for an increase in earnings guidance were disappointed.
BUSINESS
June 27, 2006 | From the Associated Press
General Electric Co. said it had agreed to buy 186 nursing homes for $1.4 billion from Formation Capital. The properties have 21,000 beds. GE's Healthcare Financial Services unit said the current providers would continue to manage the properties.
BUSINESS
May 16, 2006 | From the Associated Press
Berkshire Hathaway Inc., billionaire Warren Buffett's investment company, disclosed stakes in ConocoPhillips, General Electric Co. and United Parcel Service Inc. as part of regulatory filings detailing the company's $45.8-billion stock portfolio. The documents filed with the Securities and Exchange Commission on Monday are the first to mention Berkshire's holdings in ConocoPhillips because Berkshire had sought confidential status for its investment in the company, which was initiated last year.
BUSINESS
April 14, 2006 | From the Associated Press
General Electric Co. said Thursday that its first-quarter profit rose 9% as strong sales of aircraft engines, locomotives, medical equipment and financial services offset weaknesses in energy and its NBC network. The Fairfield, Conn.-based company said net earnings for the three months ended March 31 were $4.31 billion, or 41 cents a share, compared with $3.96 billion, or 37 cents, a year ago. Total revenue climbed 10% to $37.8 billion in the quarter from $34.4 billion a year ago.
BUSINESS
February 28, 2006 | From Reuters
General Electric Co. said it planned to sell its remaining stake in Genworth Financial Inc. for about $2.8 billion as it exits the insurance sector and focuses on faster-growing businesses. GE plans to sell to investors about 71.2 million Genworth Class A shares, worth about $2.31 billion. It also plans to sell to Genworth 15 million Genworth Class B shares at the same net price per share, worth about $486 million based on Monday's closing price. GE spun off Richmond, Va.-based Genworth in a $2.
BUSINESS
January 21, 2006 | From Associated Press
General Electric Co. said Friday that fourth-quarter profit fell 46% as the industrial products, financial services and media giant absorbed nearly $3 billion in losses selling most of its insurance business. Although the earnings met expectations, revenue for the quarter was below what analysts expected. GE shares fell $1.31 to $33.37. GE said the sale of the volatile insurance business last year to Swiss Reinsurance Co. and growth in developing markets would help boost the bottom line.
BUSINESS
December 12, 2005 | From Reuters
A European court ruling this week on the European Commission's long-standing ban on General Electric Co.'s purchase of Honeywell International Inc. may have little practical effect, but it will be studied hard for the messages it sends out.
BUSINESS
November 19, 2005 | From Associated Press
General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. on Friday for $6.8 billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses. GE, the industrial products, financial services and media conglomerate, also boosted its dividend and expanded its stock repurchase plan as it announced the deal.
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