GE Statement on Department of Justice Filing
July 01 2015 - 2:51PM
Business Wire
GE [NYSE: GE] was notified today that the Department of Justice
has initiated court proceedings seeking to enjoin the sale of GE
Appliances to Electrolux. Electrolux and GE intend to vigorously
defend the proposed acquisition as pro-competitive and
pro-consumer. Our goal remains to close the deal this year. GE
continues to believe that GE Appliances’ customers, consumers and
employees will benefit from Electrolux’s commitment to the
appliance business and its ability to compete with global
competitors.
About GE
GE (NYSE:GE) imagines things others don’t, builds things others
can’t and delivers outcomes that make the world work better. GE
brings together the physical and digital worlds in ways no other
company can. In its labs and factories and on the ground with
customers, GE is inventing the next industrial era to move, power,
build and cure the world. www.ge.com
Caution Concerning Forward-Looking Statements:
This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” “see,” “will,” “would,” or “target.”
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as statements about our
announced plan to reduce the size of our financial services
businesses, including expected cash and non-cash charges associated
with this plan; expected income; earnings per share; revenues;
organic growth; margins; cost structure; restructuring charges;
cash flows; return on capital; capital expenditures, capital
allocation or capital structure; dividends; and the split between
Industrial and GE Capital earnings. For us, particular
uncertainties that could cause our actual results to be materially
different than those expressed in our forward-looking statements
include: obtaining (or the timing of obtaining) any required
regulatory reviews or approvals or any other consents or approvals
associated with our announced plan to reduce the size of our
financial services businesses; our ability to complete incremental
asset sales as part of this plan in a timely manner (or at all) and
at the prices we have assumed; changes in law, economic and
financial conditions, including interest and exchange rate
volatility, commodity and equity prices and the value of financial
assets, including the impact of these conditions on our ability to
sell or the value of incremental assets to be sold as part of this
plan as well as other aspects of this plan; the impact of
conditions in the financial and credit markets on the availability
and cost of GECC’s funding, and GECC’s exposure to counterparties;
the impact of conditions in the housing market and unemployment
rates on the level of commercial and consumer credit defaults;
pending and future mortgage loan repurchase claims and other
litigation claims in connection with WMC, which may affect our
estimates of liability, including possible loss estimates; our
ability to maintain our current credit rating and the impact on our
funding costs and competitive position if we do not do so; the
adequacy of our cash flows and earnings and other conditions which
may affect our ability to pay our quarterly dividend at the planned
level or to repurchase shares at planned levels; GECC’s ability to
pay dividends to GE at the planned level, which may be affected by
GECC’s cash flows and earnings, financial services regulation and
oversight, and other factors; our ability to convert pre-order
commitments/wins into orders; the price we realize on orders since
commitments/wins are stated at list prices; customer actions or
developments such as early aircraft retirements or reduced energy
demand and other factors that may affect the level of demand and
financial performance of the major industries and customers we
serve; the effectiveness of our risk management framework; the
impact of regulation and regulatory, investigative and legal
proceedings and legal compliance risks, including the impact of
financial services regulation and litigation; adverse market
conditions, timing of and ability to obtain required bank
regulatory approvals, or other factors relating to us or Synchrony
Financial that could prevent us from completing the Synchrony
Financial split-off as planned; our capital allocation plans, as
such plans may change including with respect to the timing and size
of share repurchases, acquisitions, joint ventures, dispositions
and other strategic actions; our success in completing, including
obtaining regulatory approvals for, announced transactions, such as
the proposed transactions and alliances with Alstom, Appliances,
Real Estate and Sponsor Finance, and our ability to realize
anticipated earnings and savings; our success in integrating
acquired businesses and operating joint ventures; the impact of
potential information technology or data security breaches; and the
other factors that are described in “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2014. These or
other uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150701006472/en/
GEInvestors:Matt Cribbins,
203-373-2424matthewg.cribbins@ge.comorMedia:Seth Martin,
203-572-3567seth.martin@ge.com
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