GE plans US$2b in China investments

General Electric plans around US$2 billion in acquisitions and other investment deals in China over the next three years, the Financial Times reported. Steve Bertimini, chairman of GE’s Greater China operations, told the newspaper in an interview that the increased investment part of plans to more than double the company’s China revenues from the US$4.4 billion recorded in 2007 to US$10 billion by 2010. Bertamini said he was looking to hire a team of 20 in-house dealmakers to handle investments in China, which he said would include buyouts as well as joint ventures. The announcement came days after GE, the world’s largest industrial firm, posted its worst quarterly results in five years and downgraded earnings projections for 2008 due to the effects of the credit crunch.