We are GE
In a challenging environment, GE businesses are poised to perform with rigor and to capture new growth. Technology Infrastructure, Energy Infrastructure, GE Capital, and NBC Universal will continue to work with customers to meet their most urgent needs and take on the world’s toughest challenges. GE’s ability to be global, drive innovation, build relationships, and leverage our strengths will help us to meet the unique challenges of our times as we build the future together.
Taking relationships to new heights.
When China’s first domestically developed regional jet took flight in 2008, two GE CF34-10A engines provided the propulsion. The ARJ21 regional jet is the result of close collaboration between our Technology Infrastructure’s Aviation business, other leading aerospace companies, and the state-owned Commercial Aircraft Corporation of China, LTD (COMAC). It represents a $6 billion opportunity for GE Aviation. More importantly, from R&D at our Global Research Center in Shanghai to GE Commercial Aviation Services’ purchase of five with the option for 20 additional ARJ21 aircraft, this endeavor demonstrates GE’s ability to truly partner with a country for mutually beneficial growth.
As China’s second- and third-tier cities undergo rapid expansion in the years to come, our businesses will be positioned to help fill insatiable demand for power generation, healthcare, transportation, and financing in a way no other company can.
Powering up production.
Some of GE Energy Infrastructure’s biggest global growth drivers are built right here at home. GE’s Greenville, South Carolina site is the largest gas turbine manufacturing plant in the world, producing products for domestic and global export. Built in 1968, the site originally housed 250 employees and focused on building the Frame 7 gas turbine. Today, the site manufactures a diverse range of energy and infrastructure products, and has grown into an integrated campus spanning 413 acres with over 3,000 employees, two engineering centers, a Gas Turbine Center of Excellence, and a Repair Development Center. GE Energy’s innovative solutions, such as fuel flexibility for turbines, have been critical in winning major deals, including the $3 billion agreement signed between GE Energy and the government of Iraq, the largest single win in the history of GE Energy.
Positioning through partnerships.
GE Capital Finance
As GE Capital Finance moves toward a smaller and more focused structure, strategic partnerships and joint ventures will play a greater role in helping GE capitalize on market-specific opportunities. GE’s multifaceted partnership with Mubadala Development Company in Abu Dhabi, United Arab Emirates, is a powerful example of how this new approach will strengthen our position. Building on a strong existing relationship, GE and Mubadala will create a jointly owned global financial services business combining Mubadala’s expertise in regional investment opportunities with GE’s global origination excellence. GE Capital Finance and Mubadala will each commit $4 billion in equity to the venture with targeted assets in excess of $40 billion. The partnership also provides new higher-return investment opportunities in infrastructure investment, clean energy and water R&D, aviation, energy support, and our first ever corporate learning program in the Middle East and Africa.
Delivering through diversification.
Realizing that the best way to grow its business amid shifting media consumption habits was to adjust its model, the team at NBC Universal launched a significant transformation effort. By implementing a diversification strategy that includes aggressive cable acquisition, global expansion, investment in film, and the development of innovative digital distribution, NBC Universal now has multiple ways to grow. NBC Universal’s cable business, in particular, is driving fast growth, accounting for more than 60% of total earnings in 2008. And Universal Pictures had its best year ever at the box office with hits such as Mamma Mia! and Wanted.