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GENERAL ELECTRIC COMPANY (GE)
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General Electric : to Sell Water Unit to France's Suez, Canadian Pension Fund -- Update

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03/08/2017 | 08:45pm CEST
By Austen Hufford 

General Electric Co. said Wednesday it has agreed to sell its water and process technologies business to France's Suez SA and one of Canada's largest pension funds.

Suez and Caisse de dépôt et placement du Québec are buying GE Water in a deal that values the unit at about $3.4 billion, the two companies said.

The pension fund will invest $700 million for a 30% stake while Suez will have a 70% stake and will contribute its own industrial-water business to create a new, self-standing business unit within Suez, encompassing all of its industrial-water activities.

With operations in 130 countries and over 7,500 employees, GE Water supplies equipment, chemicals and services for the treatment of water and wastewater. The unit had revenue of about $2 billion in 2016.

Suez and the pension fund said the long-term demand for the business was strong due to long-term concerns over growing water scarcity, the effect of climate change on the water cycle and the increased concerns related to industrial wastewater and its impact on the environment.

In October, GE announced plans to sell the business. The deal is expected to close by midyear.

For GE, the deal continues a trend of the past three years, as the company has pared back businesses, betting it can grow faster by focusing more narrowly on heavy industrial equipment and by building a service business rooted in software and the digital world. GE has sold off the bulk of its GE Capital financial-services arm, in deals valued at about $195 billion.

Write to Austen Hufford at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
SUEZ ENVIRONNEMENT -0.17% 11.855 Real-time Quote.-19.16%
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Financials ($)
Sales 2018 123 B
EBIT 2018 11 705 M
Net income 2018 7 606 M
Debt 2018 63 875 M
Yield 2018 3,30%
P/E ratio 2018 17,41
P/E ratio 2019 15,78
EV / Sales 2018 1,55x
EV / Sales 2019 1,51x
Capitalization 126 B
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Mean consensus HOLD
Number of Analysts 16
Average target price 17,4 $
Spread / Average Target 20%
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John L. Flannery Chairman & Chief Executive Officer
Daniel C. Janki Treasurer & Senior VP-Global Operations
Jamie S. Miller Chief Financial Officer
Jim Fowler Chief Information Officer
Victor Abate Chief Technology Officer & Senior Vice President
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