WSJ: “For General Electric Co., Australia is the new China.
The original version of General Electric’s circular logo and trademark. The trademark application was filed on July 24, 1899, and registered on September 18, 1900 (Photo credit: Wikipedia)
The continent of 22 million people is set to generate more revenue for the industrial conglomerate this year than will the Middle Kingdom, with 1.3 billion. The shift stems in part from Chief Executive Jeff Immelts shuffling of the company’s business lines to emphasize energy. But it also reflects a significant rethinking of China’s value for GE, which, after years of missed targets and slow growth in the country, has turned its attention to resource-rich locations that have friendlier rules for investing and fewer national champions as rivals.
GE isn’t giving up on China, where its annual sales have hovered at around $5 billion for much of the past half-decade. But the company is betting that the price of energy and minerals will remain strong—and that GE will have an easier time breaking into other markets to sell compressors, locomotives and power generators in countries that produce oil, gas and iron ore. The new approach elevates Canada, Peru, Mongolia and Australia into the circle of growth prospects once dominated by Brazil, Russia, India and China.”
via Frustrated With China, General Electric Turns Its Eye to Australia – WSJ.com.
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