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MarketScreener Homepage  >  Equities  >  Nyse  >  General Electric Company    GE

GENERAL ELECTRIC COMPANY

(GE)
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General Electric : GE's Cross-Fleet Solutions to Help Global Paper Provider Reduce Its Energy Costs

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10/17/2019 | 06:29am EST

- Global Woodfibre Products Provider Sappi Signs Multiyear Services Agreement with GE for Cogeneration Plant in Gratkorn, Austria

- GE's Cross-Fleet Turbine and Combustor Upgrade to Modernize Sappi's SGT-800 Industrial Gas Turbine

- GE Technology implemented as Part of the Multiyear Agreement Will Help Sappi to Significantly Reduce Maintenance Costs

BADEN, SWITZERLAND- -GE (NYSE: GE) today announced an order for a multiyear services agreement with Sappi (Sappi Austria Produktions-GmbH & Co KG), the global provider of sustainable woodfibre products and solutions. GE will provide long-term maintenance services and performance upgrades on a 42-megawatt gas turbine supplied by another equipment manufacturer, powering Sappi's industrial process. This project highlights GE's commitment to its Cross-Fleet solutions portfolio, which injects proven GE technology into other equipment manufacturers' units and effectively adopts them into the GE services installed base. GE's solution will allow Sappi to reduce its costs through a maintenance interval extension and performance benefits.

"With over 400 years of paper production experience, Sappi's Gratkorn Mill in Austria has been designed to create superior-quality paper using the latest technology," said Max Oberhumer, mill director of Sappi Gratkorn. "As a company that relies on renewable natural resources, sustainability is at our core and achieving ambitious sustainability targets helps us deliver the highest quality products. We decided to rely on GE's proven gas turbine technology to modernize our gas turbine and to enable us to improve the long-term performance and availability of our cogeneration facility in Gratkorn. GE's total plant solutions will improve efficiency, power output and the lifetime of our industrial operations, while improving our plant's profitability."

Sappi operates one of the largest and most advanced coated fine paper production lines in the world. The cogeneration plant provides steam and electricity for the paper mill production facilities with the highest efficiency and availability.

"We share Sappi's values, ethical standards and environmental requirements so that, together, we can make a greater positive impact on their industrial processes and the local community," said Martin O'Neill, Growth Platforms Leader for GE's Power Services business. "Due to the age of the plant, Sappi is taking the opportunity to modernize its SGT-800 gas turbine with GE's equipment to increase power output and improve efficiency. Improvements will allow them to save fuel costs while at the same time improve the availability of the gas turbine through extended maintenance intervals, further reducing the cost of maintaining the unit."

The upgrades at the Gratkorn plant include new gas turbine hardware infused with GE's patented materials and cooling technology and improved engine component architecture, which takes advantage of decades of experience in developing and manufacturing gas turbines. This technology is part of GE's investment in its Cross-Fleet solutions portfolio that provides technology and services to specific gas turbines, which includes the SGT-800 unit.

This project includes a long-term multiyear services agreement showcasing GE's Fleet360* platform, which offers plant owners flexible and tailored solutions for all power generation equipment, regardless of whether the components were originally supplied by GE or another equipment manufacturer.

For more information, contact:

Laura Aresi

GE Power - Power Services

Global Media Relations Leader

+39 02 67335622

laura.aresi@ge.com

.

(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL ELECTRIC COMPANY -1.48% 11.35 Delayed Quote.49.93%
SAPPI LIMITED -1.59% 37.2 End-of-day quote.-54.85%
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Financials (USD)
Sales 2019 104 B
EBIT 2019 10 071 M
Net income 2019 -
Debt 2019 48 808 M
Yield 2019 0,38%
P/E ratio 2019 37,0x
P/E ratio 2020 22,5x
EV / Sales2019 1,40x
EV / Sales2020 1,29x
Capitalization 96 244 M
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Number of Analysts 19
Average target price 11,01  $
Last Close Price 11,02  $
Spread / Highest target 27,0%
Spread / Average Target -0,07%
Spread / Lowest Target -54,6%
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H. Lawrence Culp Chairman & Chief Executive Officer
Jamie S. Miller Chief Financial Officer & Senior Vice President
Victor Abate Chief Technology Officer & Senior Vice President
James J. Mulva Independent Non-Executive Director
William Geoffrey Beattie Independent Director
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