STAMFORD, Conn.--(BUSINESS WIRE)--July 6, 2005--GE Commercial Finance, the business-to-business financial services unit of General Electric (NYSE: GE), today announced it has agreed to acquire approximately $1 billion in aircraft assets from CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company. The acquisition expands GE's corporate aircraft market reach, diversifies its customer base and creates additional cross-selling opportunities.
WUXI, China--(BUSINESS WIRE)--July 5, 2005--Demonstrating its strong commitment to the Chinese economy, GE today announced the opening of its first quartz manufacturing facility in Wuxi New Zone, located in East China's Jiangsu Province. The new facility represents an investment of more than $23 million. It joins two existing GE plants in Wuxi and will serve the lighting industry in China, and around the world, with furnace and finishing operations for high-purity, small-diameter quartz tubing.
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MEDICAL equipment and solutions provider GE Healthcare Technologies, a unit of GE Electric Inc, expects the Malaysian market to contribute a revenue of about RM102 million out of the total RM302.5 million for the company's healthcare business in South-East Asia this year.
Its regional general manager Arun Sharma said the target is based on the increase in orders and sales for its medical equipment and technologies in the country.
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New Delhi, Saturday, July 2, 2005: Scott Bayman, President and CEO, GE India, today confirmed that GE has reached a comprehensive settlement of its Dabhol-related disputes with the Government of India, the Government of Maharashtra and its entities and the Indian lenders to Dabhol. The settlement includes financial consideration in partial payment of various contractor claims for work completed but not paid and in exchange for the transfer of GE's ownership interest in Dabhol.
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OMAHA, Neb. & KANSAS CITY, Mo.--(BUSINESS WIRE)--July 1, 2005--Berkshire Hathaway (NYSE: BRK) and General Electric (NYSE: GE) today announced that GE Insurance Solutions' sale of Medical Protective Corporation to Columbia Insurance, a unit of Berkshire Hathaway, became effective yesterday. The sale price was $825 million.
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June 30, 2005 -- EVENDALE, Ohio -- GE Transportation announced it will supply Samsung Techwin, the Republic of Korea (ROK), with several GE LM500 aeroderivative marine gas turbine kits. Once assembled and tested by Samsung Techwin, the LM500 marine gas turbines will be used to power the ROK Navy's next generation PK(X) patrol boats.
"We are delighted that the LM500 gas turbine will be part of the propulsion system for these next-generation vessels," said Karl Matson, general manager of GE Transportation's marine business, Evendale, Ohio.
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GARCHING, Germany--(BUSINESS WIRE)--June 29, 2005--General Electric Company Chairman and CEO Jeff Immelt today outlined Europe-specific aspects of the company's innovative ecomagination initiative, designed to bring to market new technologies that will help customers meet increasing global environmental challenges and stimulate GE's continued growth.
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June 29, 2005 -- EVENDALE, Oho - Iberia Airlines has announced that CFM56-5B engines will power its new fleet of 30 firm Airbus A320 family aircraft. The firm engine order is valued at more than $360 million at list price.
CFM56-5B engines are produced by CFM International, a 50/50 joint company between Snecma and General Electric Company. CFM is the world's leading aircraft engine supplier, with more than 15,000 engines in service worldwide.
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