GE Looks to Double Revenue in China by 2014
There’s no arguing that China has one of the biggest consumer bases in the world, and General Electric Co. (GE), is looking to turn over some hefty revenues in China in coming years. The company’s president in China, Mark Hutchinson, says the $5 billion in revenue GE made in China in 2010 is too low for a market of that size, and is looking to increase revenue dramatically by 2014.
“It should be a lot bigger,” says Hutchinson. “My job is to work with the team and with our partners to grow that. We are going to double our business in China, including revenue, over the next three years.”
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GE China’s major business segments include: aviation, healthcare, energy, and transportation. GE Healthcare, for example, was established in China in 1979 and has grown to seven global manufacturing sites with over 4,500 employees.
According to Hutchinson, GE is looking to partner with more Chinese firms in various market segments through the formation of more joint ventures.
“When people ask me whether GE is afraid of the risk of Chinese partners becoming competitors, I say that competition is a good thing,” notes Hutchinson. “It helps us get better. On the other hand, if we team up together, we can grow together. It is going to be a win-win partnership.”