Today, General Electric (GE) announced its completion of Metem Corporation acquisition – a provider of precision cooling hole-manufacturing technologies in the U.S. that designs turbine engines to work efficiently, at the same time save costs, increase operational time and reduce emissions.
The acquisition was disclosed in less than 120 days after GE announced its plan to acquire in December.
As the Metem cooling hole-drilling will be taken along with the house, GE is expecting an efficient supply chain, including cost reduction as its portfolio’s advancement remains strong and highly efficient.
Furthermore, the HA gas turbine of GE is able to complete over 62 percent efficiency. Reaching that level of efficiency exposed a heavy-duty gas turbine into an excessive high temperature during operations, making metals weaker. Achieving a heavy-duty gas turbine blade running under high temperatures and experiencing substantial centrifugal stresses, turbine cooling is considered as an important factor of the next generation of GE for advanced gas turbines.
VP of gas power systems supply chain, GE Power, Mike Chanatry said, “Gas turbines coupled with services are the core of GE Power, and Metem’s acquisition will help achieve synergies by improving the overall cost base of products and enhancing the GE Store capabilities for customers,”
“We’re excited to welcome Metem’s employees to GE, and we’re expecting a fast and seamless integration,” he added.
Subsequently, GE and Metem continued a very strong relationship since 1970, fueled by the record innovation and technology development of Metem as well its workforce firm stance.
Ahead of the disclosure of the acquisition, GE served as the largest customer of Metem. Meanwhile, the acquisition suggests GE’s strategic power, as the demand for advanced manufacturing technologies essentially rallied as products evolve as well.
The GE anticipates to build out the capabilities, including Metem’s network capacity, according to Chanatry. In the next six to twelve months, the entire workforce of Metem with about 270 staffs, including the facilities and resources of the company in New Jersey, Pennsylvania and Hungary, will be integrated into GE. Conversely, the Metem’s headquarters in Parsippany, New Jersey, will be converted into a Center of Excellence for GE Power.
GE Denies Core Bank of BPH to Alior Bank
General Electric Co shares increased by about 0.44% at $31.93 at the close of trade, taking into account with a shares volume of 39.39 Million. Meanwhile, GE denies the core bank of BPH to Alior Bank, the company has entered a contract in order to sell most of the stake of GE Capital in Bank BPH’s Core Bank to Alior Bank.
Through this transaction, Bank BPH will be converted into two operating units (separated), including the Core Bank and the Mortgage Bank, trailed by the spin-off and splitting of the Core Bank into Alior Bank.
Furthermore, the Core Bank will comprise of Bank BPH’s non-mortgage banking assets, including the employees connected to those businesses. An outlook on the company’s performance of margin, its net profit margin posted negative by about -16.80%, while its operating margin remained steady at 7.10%.
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