Jeff Immelt was not wrong, just early. That, at least, is one way to read the remarkable turnaround at General Electric’s power business.
Among the biggest gaffes of Immelt’s long tenure as chief executive of GE was the $10bn purchase of Alstom’s gas turbines and transmission assets in 2015. The Alstom assets added to an existing GE power and water treatment segment that included wind turbines and had registered annual revenue of more than $25bn.
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