GE locomotive in today’s Wall Street Journal

   January 12, 2011 10:37 am

GE Transportation and its recent 150-locomotive order to Pakistan was featured in a story in today’s Wall Street Journal about the Export-Import Bank of the U.S. The bank backed the $477 million Pakistan deal, which was crafted with the help of the White House. The point of the story was less about the locomotives and…

General Electric boosts dividend

   December 10, 2010 11:07 am

Owners of Erie’s most widely held stock got some good news today. The General Electric Co. has raised its quarterly divided by 17 percent from 12 cents to 14 cents per share. That marks the second time this year that the company has boosted its dividend. The Fairfield, Ct.-based company has been able to raise…

GE volunteers breaking ground for Habitat for Humanity house

   March 19, 2010 7:47 am

Lorenzo Simonelli, chief executive of Lawrence Park-based GE Transportation, is expected to be on hand at 11 a.m. today for a ceremonial groundbreaking for a new Habitat for Humanity home being built by GE volunteers. Stephan Koller, a spokesman for the company, said the house being built at 1202 E. 22nd St., should be ready…

GE executive sees dividend increase in 2011

   March 16, 2010 12:39 pm

Shares of General Electric Co. are up more than 4 percent today on news that the company is planning to increase its dividend in 2011. Chief Financial Officer Keith Sherin told analysts at a conference Tuesday that the company is “not putting a number on it, but we do expect to grow the dividend in…

GE issues its annual report

   March 9, 2010 3:31 pm

General Electric Co. this afternoon released the following: FAIRFIELD, Conn. — GE’s on-line annual report 2009 titled “Renew” is now available on the Company’s Web site at www.ge.com/annualreport. The report focuses on the Company’s solid 2009 performance amid continued global economic pressure and its execution against four strategic priorities: keeping GE safe and secure; executing…

GE’s CEO declines bonus for 2nd year

   March 5, 2010 4:33 pm

General Electric Co. said Friday that Chief Executive Jeffrey Immelt did not receive 2009 bonus, the second straight year he gave up extra pay as the industrial and financial conglomerate struggled with one of its worst years on record, according to the Associated Press. However, GE did not leave Immelt empty-handed. He was paid a…

About GE’s 100-locomotive order from South Africa

   December 18, 2009 10:05 am

GE Transportation announced this morning that it had received an order for 100 locomotives from South Africa. It is one more in a — thankfully — growing list of orders for our largest employer. The new orders hint that a recovery of sorts is at hand, albeit a slight one. Here is the full text…

GE gets order for 35 locomotives

   October 21, 2009 10:21 am

Canadian National Railway said Wednesday it has ordered 70 new locomotives — 35 of them from Erie-based GE Transportation, according to the Associated Press. Terms were not disclosed. The order was with GE Transportation and Electro-Motive Diesel Inc. CN said it will acquire 35 ES44DC locomotives from GE starting in the fourth quarter of 2010,…

Earnings fall for GE Transportation

   October 16, 2009 12:18 pm

Lawrence Park-based GE Transportation, which recently announced plans to lay off 1,480 employees, reported a third-quarter profit of $177 million, down 31 percent compared to the same quarter of 2008. The company’s transportation division, which saw revenues fall 23 percent to $970 million, reports that base costs have been slashed by 20 percent. Those figures…

Signs of health for railroads?

   October 15, 2009 6:25 am

There were positive signs on Wall Street Wednesday that things might be turning around for the nation’s railroad industry. Such a turnaround would be welcome news for GE Transportation, Erie’s largest employer. The company has been been hit hard by the slow economy, which has caused railroad companies to idle locomotives because of a sharp…