General Electric to Expand in Russia with Two New Joint Ventures

Today, GE expanded its position in one of the world's fastest growing markets by finalizing agreements to set up two new joint ventures in Russia which could drive $10 - $15 billion in sales. Under the new JVs, we anticipate orders of energy-efficient heavy-duty gas-fired power generation turbines with total capacity of up to 5 gigawatts of power as well as thousands of high-tech medical diagnostic units in Russia. The JVs will accelerate development of the Russian electrical generation and health care sectors. Russian Prime Minister Vladimir Putin attended the signing ceremony which took place during the 10th International Investment Forum underway this week in Sochi, Russia. The Energy JV agreement was signed by GE Chairman and CEO Jeffrey Immelt, INTER RAO UES Management Board Chairman Boris Kovalchuk, and UEC General Director Andrey Reus. The JV will manufacture, assemble, sell and service energy-efficient heavy-duty gas-fired power generation turbines. The Healthcare JV agreement was signed by