October 30, 2018 / 12:42 PM / 19 days ago

General Electric says regulators expand probe into power unit writedown

The logo of General Electric is seen at its plant in Baden, Switzerland November 15, 2017. REUTERS/Arnd Wiegmann

NEW YORK (Reuters) - General Electric Co said the U.S. Securities and Exchange Commission had expanded its probe of GE’s accounting to include a $22.8 billion writedown of goodwill from GE’s power division.

GE also put its first price tag on blade failures in its newest gas turbine model, which failed recently at a plant in Texas. [nL3N1W74Y4]. GE said it had set aside $240 million for blade “warranty and maintenance” costs in the latest quarter and expects to set aside a similar amount in the future.

(The story refiles to drop word “billion” in first paragraph).

Reporting by Alwyn Scott; Editing by Nick Zieminski

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