General Electric Rakes in Some Nice Cash with These Deals
The energy portion of General Electric (NYSE:GE) will be signing $3 billion worth of New Customer agreements. This will include an $800 million contract deal that will provide wind and gas turbines in Brazil (NYSE:EWZ) and a $300 million contract to provide just gas turbines to Egypt.
According to Business Wire, “GE (NYSE:GE) has secured more than $800 million in commitments to supply wind and gas turbines for projects in Brazil that will produce 1.4 gigawatts of electricity40 percent of the total amount awarded in energy auctions conducted recently by Brazil’s National Electric Power Agency.”
GE’s deals couldn’t come at a better time. Rival United Technologies (NYSE:UTX) is getting ready to finance $20 billion for for a big purchase. Rumor has it that they want to acquire Tyco International (NYSE:TYC), Ingersoll-Rand (NYSE:IR), Goodrich Corp (NYSE:GR), Rockwell Collins Inc.(NYSE:COL), Textron Inc. (NYSE:TXT) or Honeywell International (NYSE:HON).
GE’s stock (NYSE:GE) is down .31% to $16.12 on the news. Shares are down 11.86% year to date. The stock has traded in a 52-week range between $14.72 and 21.65.
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