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May 03, 2012, 09.34 PM IST
General Electric Co expects Europe to experience an extended period of slow economic growth, but sees Algeria, South Africa, Turkey and Peru as the next markets where it is likely to top the billion-dollar revenue mark, said Chief Executive Jeff Immelt, at a conference in New York.
The largest U.S. conglomerate has increasingly focused its growth efforts on so-called resource-rich countries that have large supplies of energy or minerals. GE aims to focus its acquisition efforts on buying new data analytics technologies, but Immelt does not expect the maker of products ranging from jet engines to light bulbs to transform itself into a software company. He emphasized that GE's current priority is on raising its dividend, not making deals. "I'm not going to do a big acquisition," Immelt said on Thursday. Immelt added that he believes the financial services industry is in a period of "tremendous flux," and as a result the Fairfield, Connecticut-based company will continue its efforts to prune back its GE Capital finance arm.
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