The company’s US$10bil deal to buy Alstom SA’s assets two years ago has compounded the pain.“They clearly misjudged the shift that’s going on in the market,” said Jeff Sprague, an analyst with Vertical Research Partners. GE Power CEO Russell Stokes called the move “painful but necessary” to adapt to the market. Last year, GE slipped to No. The total would have been $36.8 billion based on a reorganization this year in which GE added some energy businesses to the unit.The power unit had expanded considerably with the 2015 purchase of Alstom’s energy business, which bolstered GE’s gas- and steam-turbine business and added to its renewable-energy operations. “It’s not like the world’s ending for gas, but I think you’re going to change the customer base.”- Bloomberg

Source: The Star December 08, 2017 05:37 UTC