GE’s CEO Immelt: “Optimistic about global economy and oil and gas industry”

1/27/2013

GE’s CEO Immelt: “Optimistic about global economy and oil and gas industry”

BY PRAMOD KULKARNI

FLORENCE – General Electric CEO Jeffrey Immelt spoke in optimistic terms about the recovery of the global economy during 2013 and about GE’s growing participation in the oil and gas industry during his introductory remarks at the opening reception of GE’s annual customer gathering here.

“I think there are signs the U.S. economy is improving,” Immelt said. “Even the Chinese economy is strengthening. The world economy goes as goes the Chinese economy.”

Immelt was pleased with the growth of GE’s oil and gas segment. “When I started attending these customer gatherings in 2004, our business was only $1.5 billion. We’ve grown ten times since then to $15 billion through both organic and inorganic growth.”

Immelt explained that GE had five objectives in mind during 2013: technology, execution, analytics through the industrial internet, localition and people”

“We’re investing 6% of our revenues in R&D, whereas the industry standard is 2%,” Immelt said. "We’re also planning to open an R&D center specifically for oil and gas research.”

Concerning localization, Immelt said the company plans to open manufacturing centers in regions such as Brazil and Saudi Arabia.

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