ADVFN - Advanced Financial Network.
HOME» NYSE » G » GE Stock Price » GE Stock News

Gen Electric Share News

 General Electric Stock Price
GE Stock Price
 General Electric Stock Chart
GE Stock Chart
 General Electric Stock News
GE Stock News
 General Electric Company Information
GE Company Information
 General Electric Stock Trades
GE Stock Trades

CORRECT: GE To Buy Mining Supplier Industrea For About A$470 Million

("UPDATE: GE To Buy Mining Supplier Industrea For About A$470 Mln," at 0234 GMT, misstated the name of Industrea's CEO in the sixth paragraph. The correct version follows:) -- GE agrees to buy Industrea for about A$470 million, excluding debt -- It also will buy independently owned Fairchild International -- Industrea is seeking to sell its services division separately By Robb M. Stewart Of DOW JONES NEWSWIRES General Electric Co. (GE) has moved to bolster its footprint in the fast-growing mining equipment sector, agreeing to buy Australia's Industrea Ltd. (IDL.AU) for about A$470 million ($466 million) as well as an independently owned U.S. supplier for an undisclosed amount. Industrea's board in a separate statement Wednesday said it is unanimously recommending the cash offer, although it has negotiated to sell its mining services division separately in the hope of attracting a higher price. GE said the acquisitions will increase its exposure to the $61 billion global mining equipment industry, and it will be able to expand the two regionally focused companies to reach a global customer base. Both will benefit from the industrial conglomerate's lean manufacturing and global supply chain management, it said. The two companies will become part of GE Transportation's global mining business. Industrea, which operates from seven locations in resource-rich Australia and has a significant presence in China, said the A$1.27 per share bid represented a 48% premium to the last closing price for the company's shares. New of the offer buoyed the shares, which at 0210 GMT were trading 44% higher at A$1.235. Robin Levison, chief executive of the Australian company, told reporters during a conference call that negotiations with GE had taken place over the past few weeks before the U.S. company secured the backing of Industrea's board, in the absence of a higher offer. Mr. Levison said GE's focus clearly is on mining equipment, and Industrea's board believes there may be a suitor willing to pay more for the services operations. He declined to say whether Industrea has received any approaches, but added that if a higher bid for the division is received then the bid amount will be subtracted from the A$1.27 bid price GE will have to pay and if no better offer is received then the unit will remain part of Industrea and join GE. The value of the services division is included in the A$1.27 offer, but isn't being disclosed, a spokesman for Industrea said. GE's offer values Industrea at about A$700 million, including debt. Lorenzo Simonelli, president and CEO of GE Transportation said: "We believe that Industrea's business can grow more rapidly by expanding its product suite and geographic reach combined with GE's technical expertise and global customer relationship." Industrea said it is expecting net profit this financial year of between A$40 million and A$45 million, down from A$47.9 million the year before. GE has also signed a binding agreement to buy Virginia-based Fairchild International, which it said manufactures a range of underground mining equipment. GE said it will grow the independent company's focus beyond the U.S. -By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;

Stock News for Gen Electric (GE)
12/01/201516:51:06Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
12/01/201516:00:00GE Commences GE Capital Corporation Reorganization
12/01/201514:30:10General Electric On Its Way to Regaining Dividend Aristocrat...
12/01/201514:06:00GE Completes Sale of Healthcare Financial Services Business
12/01/201508:00:00Coffee Enthusiasts Take Note: GE’s FirstBuild™ Challenge Spu...
12/01/201508:00:00Pilot Hill Wind Project Closes Financing from GE and MetLife
12/01/201506:55:00GE Completes Sale of Transportation Finance Lending Business
11/30/201517:02:30Current Report Filing (8-k)
11/30/201511:20:04Better Buy Today: General Electric or Honeywell International...
11/30/201510:51:00Indian Railways Signs Deals With Alstom, GE for 1,800 Locomotives
11/29/201510:00:00GE Healthcare to Connect 500,000 Imaging Machines with Announcement...
11/28/201511:34:02Why the Microgrid Is the Next Big Growth Opportunity in Energy
11/27/201503:02:00Activists Display Lighter Touch
11/25/201511:07:02What Siemens' Results Mean for General Electric Company
11/25/201509:01:00GE Completes Sale of Consumer Finance Business in Australia and...
11/24/201512:52:00DILON Diagnostics and GE Healthcare announce a global distribution...
11/24/201510:21:00Airbus Gains Regulatory Approval for New A320neo Plane
11/24/201509:45:031 Chart That Shows How Texas Is Blowing Away Wind Generation
11/23/201520:50:00Google Parent to Ask Subsidiaries to Pay for Corporate Services
11/23/201517:30:023 Stocks to Buy and Hold for the Next Decade

Gen Electric and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations