Hong Kong Company Bids on GE Motors Division - KAIT Jonesboro, AR - Region 8 News, weather, sports

Jonesboro

Hong Kong Company Bids on GE Motors Division

February 11, 2003
Posted at:
4:55 p.m. CST

JONESBORO, Ark. -- Johnson Electric Holdings Ltd. has made a preliminary bid of about $750 million for General Electric Co.'s motors division, making the Hong Kong-based company the early favorite to win the first of GE's planned disposals, sources said.

GE runs an Industrial Control Systems plant in Jonesboro that employs around 215 people. On December 16, 2002, GE announced that it would move about 50 jobs from the Jonesboro facility to other sites, including China.

The reduction in force would not take affect until at least June 6, 2004.

According to GE CEO Jeffrey Immelt's plan, the move is a step toward to recasting GE, into a company more tightly focused on high-growth segments such as medical systems and power production equipment.

Analysts have said they expect the company to seek buyers for slower-growing businesses, such as its consumer appliance division and the motors unit, to raise money to invest in other areas.

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • State rewards school for academic success

    State rewards school for academic success

    Monday, April 24 2017 7:43 PM EDT2017-04-24 23:43:21 GMT
    Monday, April 24 2017 8:58 PM EDT2017-04-25 00:58:13 GMT
    (Source: KAIT-TV)(Source: KAIT-TV)

    One Mississippi County school received a special gift from the state for excelling in academics.

    One Mississippi County school received a special gift from the state for excelling in academics.

  • The Latest: Inmate seeks stay, citing attorney's plagiarism

    The Latest: Inmate seeks stay, citing attorney's plagiarism

    Monday, April 24 2017 6:20 PM EDT2017-04-24 22:20:54 GMT
    The Latest on Arkansas' attempt to carry out the nation's first double execution since 2000: (all times local):
    The Latest on Arkansas' attempt to carry out the nation's first double execution since 2000 (all times local):
  • breaking

    Arkansas executes Jack Jones

    Arkansas executes Jack Jones

    Monday, April 24 2017 8:25 PM EDT2017-04-25 00:25:45 GMT
    Monday, April 24 2017 8:33 PM EDT2017-04-25 00:33:53 GMT
    Jack Harold Jones Jr. (Source: Arkansas Department of Correction)Jack Harold Jones Jr. (Source: Arkansas Department of Correction)

    According to the Associated Press, Arkansas has executed Jack Jones by lethal injection, the first of what would be the only double-execution in the United States since 2000.

    According to the Associated Press, Arkansas has executed Jack Jones by lethal injection, the first of what would be the only double-execution in the United States since 2000.

Powered by Frankly