Foreign

GE says China deals to bring $2b in sales

(Agencies)
Updated: 2011-01-20 15:28

NEW YORK - Five deals that General Electric Co (GE) signed with Chinese partners this week will generate more than $2 billion of revenue over the next decade for the US conglomerate, including about $1 billion of exports from the United States, GE said on Wednesday.

GE did not provide a time frame for the revenue and a spokeswoman was not immediately available to comment.

The flurry of dealmaking comes during a four-date state visit to the United States by Chinese President Hu Jintao.

Agreements included China's final approval of a $19 billion contract to buy 200 Boeing aircraft, and agreements with Honeywell, Caterpillar and Westinghouse Electric, a unit of Japan's Toshiba.

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GE's agreements include a joint venture to develop coal gasification technology in China; a joint venture to develop aerospace components to support China's first large passenger jet, and a letter of intent to supply US-built locomotives, parts and service systems for an upgrade of Chinese railways.

Revenue from the deals would add to GE's top line over the coming five to 10 years, GE spokeswoman Leigh Farris said.

GE has said it will invest more than $2 billion in China through 2012 to expand research and development and develop new partnerships. Vice Chairman John Rice relocated to Hong Kong at the start of the year to lead GE's international businesses with particular emphasis on China.

Separately, GE said it was among 10 US companies taking part in a new public-private partnership to increase access to healthcare in China and boost cooperation on health technology.