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General Electric signs $3.5 billion deals in China
November 9, 2017 / 5:01 AM / a month ago

General Electric signs $3.5 billion deals in China

BEIJING (Reuters) - General Electric Co (GE.N) signed three aviation and engine deals with Chinese partners worth a total of $3.5 billion (2.67 billion pounds) on the sidelines of a state visit to Beijing by U.S. President Donald Trump, who has been looking to stir up U.S.-China trade.

FILE PHOTO: The logo of General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California, U.S. on April 13, 2016. REUTERS/Mike Blake/File Photo

The partnerships were signed in the presence of Trump and Chinese President Xi Jinping, as well as U.S. Commerce Secretary Wilbur Ross and Chinese Vice Premier Wang Yang, GE said in a statement.

    The deals included an engine and repair deal for GEnx-1B engines from Juneyao Airlines Co Ltd (603885.SS) worth $1.4 billion at list prices, and another $1.1 billion order for 80 Leap-1B engines to power 40 Boeing 737 MAX Aircraft from ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd (601398.SS), GE said.

    GE also signed a framework agreement with China Datang Group [SASADT.UL] to supply it with gas turbines and other components for Chinese domestic projects valued at about $1 billion.

    Chinese state television also reported that U.S. planemaker Boeing (BA.N) had signed $37 billion in commercial deals in China as part of Trump’s visit. Boeing did not immediately respond to requests for details on the deals.

    Reporting by Beijing Monitoring Desk and Brenda Goh in SHANGHAI; Editing by Stephen Coates

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