GE plunks down $2 billion on China R&D, technology and finance ventures
General Electric outlined plans to invest more than $2 billion through 2012 on China ventures focused on research and development, technology and financial services.
GE CEO Jeff Immelt outlined the plans in Beijing.
Among the moving parts:
- GE will spend $500 million on innovation centers in China and hire 1,000 workers through 2012.
- The company will invest $1.5 million or so to fund joint ventures with state-owned companies in high-tech.
- The company inked four joint-venture deals in energy and rail.
According to the company, it will create innovation centers in six cities. First phase cities will include Chengdu, Shenyang and Xi’an. These centers will focus on product development, engineering and support in healthcare, clean-tech, smart grid, lighting, rail and aviation.
As for the joint ventures, GE forged deals with a series of state owned companies focused on grid monitoring, green power equipment, diesel locomotives and urban transit.
GE employs 14,000 people in China.
This post was originally published on Smartplanet.com