Here’s GE’s Big New Deal
General Electric (NYSE:GE) announced some big things on September 26th.
The company unveiled its FlexEfficiency 60 power generation portfolio and won a contract for 19 gas turbines worth $1.2 billion. GE will manufacture and test the turbines in Greenville, South Carolina, and export some of them to buyers in Japan and Saudi Arabia. Some of the turbines will also go to the Cherokee project near Denver, Colorado.
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“This is a great milestone for our natural gas portfolio,” said GE Power and Water president and CEO Steve Bolze. “We stated a year ago that we would bring our FlexEfficiency technology to our customers in places such as the U.S., Middle East, Japan and Brazil, and today we delivered.”
Natural gas is looking better and better to companies that are trying to shift away from oil, and power consumers who want a cheaper source of energy. Companies like Exxon Mobil (NYSE:XOM) and BP (NYSE:BP) are grappling with falling oil prices and increasingly difficult to access reserves, while shifting some attention toward natural gas. Exxon Mobil was near a 52-week high on Wednesday morning, trading on “impeccable fundamentals.”
GE also raised $462 million selling 7.6 percent of its stake in Thai Bank of Ayudhya. The company still owns a 25 percent share of the bank.
Shares of General Electric (NYSE:GE) achieve a new 4-year stock price milestone of $22.79 per share on Thursday.