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Ge Oil and Gas

In: Business and Management

Submitted By smallrock71
Words 795
Pages 4
GE Oil and Gas General Electric is a diversified industrial corporation. The company maintains a huge variety of products and services such as aircraft engines, oil and gas production equipment, power generation, household appliances, medical imaging, business and consumer financing and industrial products. The company primarily operates in North America, Europe, Asia, South America, Australia and Africa. GE headquarters is located in Fairfield, Connecticut and employs approximately 307,000 people (General Electronic SWOT Analysis, 2014). GE’s oil and gas business has been the focal point of the company for the last few years; at least since 2011. The company has put together a $17 billion division to take advantage of global demand for new energy resources. GE has built up its oil and gas business by doing more than $14 billion worth of acquisitions since 2007 and putting one of its most promising young executives, Lorenzo Simonelli, in charge of the unit. According to Simonelli, the current plunge in oil prices is giving GE cause to question if they should switch focus onto one of its other businesses. The oil’s plunge to approximately $60 a barrel from $100 a barrel has thrown the company’s economic assumptions into question. ( Oil & Gas is GE’s fastest growing business. It competes in high-growth markets and creates products like the recently launched first subsea compressor that utilizes GE’s broad technical capabilities. Measurement and Control, a division of Oil & Gas, covers a large group of industries and applications, according to its website, including sensing, asset condition monitoring, controls and instrumentation. Oil & Gas, along with the rest of GE Company, is betting heavily on analytics. GE is also submitting that analytic rigor to innovate internally and drive commercial change. General Electric is known for data-based decision…...

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