Fueled by Olympic Games, GE eyes infrastructure in Brazil

Summary:General Electric sees the 2016 Olympic Games in Rio de Janeiro as a prime opportunity to invest and expand energy, infrastructure and healthcare businesses in Brazil.

General Electric is looking to Brazil -- fueled by the upcoming 2016 Olympic Games in Rio de Janeiro, for which it is a sponsor -- for strong growth in its energy, infrastructure, transportation and healthcare businesses.

Chief executive Jeffrey Immelt reportedly said at an event in Rio that the company's businesses are seeing "more than 30 percent" growth in Brazil.

The reasons: sustainable economic development, entrepreneurial activity and rising commodity prices.

"These three things happening together make Brazil a fantastic place to invest," he reportedly said.

GE's revenues in Brazil were $2.6 billion in 2010, and the company has promised to invest $570 million in the country between 2010 and 2013.

Of particular focus: healthcare equipment, trains, wind turbines and industrial equipment.

As such, GE plans to make bids for infrastructure projects related to the Games. (The company saw more than $1 billion in revenue through contracts for the Beijing Olympic Games.)

It will also set up a new research center in the state of Rio de Janeiro.

This post was originally published on Smartplanet.com

Topics: Innovation


Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. He is also the former editor of SmartPlanet, ZDNet's sister site about innovation. He writes about business, technology and design now but used to cover finance, fashion and culture. He was an intern at Money, Men's Vogue, Popular Mechanics and the New York Daily Ne... Full Bio

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