| GE sees earnings benefit from Alstom deal at low end of estimate | |
| | |
|
NEW YORK, Dec 3 (Reuters) - General Electric Co expects benefits from its acquisition of Alstom SA's power business to come in at the low end of the U.S. conglomerate's previous estimate for 2016, the company said on Thursday, citing delays in closing the deal. "We see significant synergies in the combined GE and Alstom portfolio, with over 70 percent coming from our power business," said Steve Bolze, president and chief executive of GE Power. Savings will come from reducing duplication in manufacturing, sourcing and research and development, GE said. The company has not publicly said whether layoffs or factory closures are expected. GE executives also said they plan to stay competitive by servicing and repairing other companies' equipment, using Alstom's technology and expertise. "We've received multiple approaches from customers about our plans in this space and are looking to close our first orders in the next few months," said Paul McElhinney, president and CEO of GE Power Services. GE said Alstom Power & Grid had slower orders as regulators reviewed the deal, but business has increased since the deal closed. The new GE power business, integrated with Alstom, will employ 65,000 people in more than 120 countries, the company said. GE Power & Water had about 37,000 employees at the end of 2014, the spokesman said. (Reporting by Katie Reilly; Editing by Richard Chang)
|
|
|
Alstom
|
|
|
CODE : ALO.PA |
ISIN : FR0010220475 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alstom is based in France. Alstom is listed in France, in Germany and in United Kingdom. Its market capitalisation is €UR 3.9 billions as of today (US$ 4.4 billions, € 3.9 billions). Its stock quote reached its highest recent level on February 09, 2007 at €UR 98.98, and its lowest recent point on January 05, 2024 at €UR 10.66. Alstom has 219 127 000 shares outstanding. |