GE to spend $500 mln on Brazil
Nov 10 (Reuters) - General Electric Co(GE.N), plans to invest $500 million in Brazil to build a research center and expand its operations in Latin America's largest economy, a company executive said on Wednesday.
The largest U.S. conglomerate selected Brazil as the base for its fifth research and development center, which will focus on technological innovations in the oil and gas, renewable energy, mining, rail and aviation industries -- sectors that are growing rapidly in Brazil.
The research center will cost $100 million while the remainder of the money will be invested in developing new production lines and products over the next three years, said Ferdinando Becalli-Falco, president of GE International.
"We see (a bright) future that requires aggressive investment, which will result in more innovation coming to market," Becalli-Falco said in a statement.
Brazilian mining company Vale (VALE5.SA), the world's largest producer of iron ore, said in a separate statement it has signed a cooperation agreement with GE for development of infrastructure for generation, distribution and storage of energy.
Vale is one of Brazil's largest energy consumers and a major player in the development of infrastructure such as rail lines needed to move iron ore from isolated mines to ports. (Reporting by Rodrigo Viga Gaier, Writing by Brian Ellsworth, Editing by Gerald E. McCormick)
The largest U.S. conglomerate selected Brazil as the base for its fifth research and development center, which will focus on technological innovations in the oil and gas, renewable energy, mining, rail and aviation industries -- sectors that are growing rapidly in Brazil.
The research center will cost $100 million while the remainder of the money will be invested in developing new production lines and products over the next three years, said Ferdinando Becalli-Falco, president of GE International.
"We see (a bright) future that requires aggressive investment, which will result in more innovation coming to market," Becalli-Falco said in a statement.
Brazilian mining company Vale (VALE5.SA), the world's largest producer of iron ore, said in a separate statement it has signed a cooperation agreement with GE for development of infrastructure for generation, distribution and storage of energy.
Vale is one of Brazil's largest energy consumers and a major player in the development of infrastructure such as rail lines needed to move iron ore from isolated mines to ports. (Reporting by Rodrigo Viga Gaier, Writing by Brian Ellsworth, Editing by Gerald E. McCormick)
Source: http://www.reuters.com/article/idUSN1026078920101110
