General Electric Co. (NYSE: GE) signed into an agreement to build a new power plant and provide wastewater treatment services to Saudi Arabia.
Under the agreement, valued at more than $700 million, General Electric Co. (NYSE: GE) will provide seven 7FA-model natural-gas turbines and enter into a 2-year service contract for the Riyadh PP11 power plant located in Dhuruma, which is about 50 miles west of Riyadh.
The conglomerate has been moving into emerging market regions that have seen significant growth by offering energy product and service agreements during the last several years. BusinessWeek reported that G.E. has $11 billion worth of those contracts and that Saudi Arabia and the rest of the Middle East are a prime target for growth.
Under the agreement, General Electric Co. (NYSE: GE) will also develop water treatment products for the countr.
General Electric Company (GE) is a diversified technology, media and financial services company. The Company’s products and services include aircraft engines, power generation, water processing, security technology, medical imaging, business and consumer financing, media content and industrial products. The Company serves customers in more than 100 countries. The Company operates through five segments: Energy Infrastructure, Technology Infrastructure, NBC Universal (NBCU), Capital Finance and Consumer & Industrial. In March 2009, Teleflex Incorporated completed the sale of its 51% share of Airfoil Technologies International – Singapore Pte. Ltd., to GE. In September 2009, the Company sold its 81% interest in Homeland Protection business to Safran SA. In September 2009, the Company acquired ScanWind. In September 2009, Moog Inc. completed the acquisition of the Company’s GE Aviation Systems’ flight control actuation business. In November 2009, GE Aviation acquired Naverus, Inc.
Shares of General Electric Co. (NYSE: GE) traded down 1.59% during mid-day trading on Monday.
