Projects Include Gas Turbines, Rail Investment, in Company’s ‘Most Promising Growth Region’ General Electric Co said Monday that it would invest $2 billion in Africa by 2018, calling the continent its “most promising growth region.”
The conglomerate said it would focus its investment on developing its supply chain and training people, and infrastructure and sustainability initiatives.
Projects include supplying gas turbines to help meet electricity demand in Algeria and in Nigeria’s state oil refinery, as well as a $1 billion rail investment in Angola.
GE said it made $5.2 billion in revenue from its African operations in 2013, and that it has won more than $8.3 billion in orders there.
“Over the last few years, we have expanded in growth markets by 15% each year,” Chairman and Chief Executive Jeffrey Immelt said in a news release. “Our capability and culture give us great momentum in Africa and other developing regions around the world.”
The announcement came ahead of a summit between U.S. President Barack Obama and African leaders, in which GE will be hosting officials, policy experts, business leaders and others, the company said.
GE has sought to focus more on pursuing growth in its core industrial businesses, as it has trimmed back its reliance on both media and finance operations. Last week, for instance, GE’s former credit-card-issuing business Synchrony Financial held its initial public offering.
By: Michael Calia at Wall Street Journal