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Leader of Obama Jobs Council, Jeff Immelt, Moves GE’s Health Care Unit to China Fire

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  • Leader of Obama Jobs Council, Jeff Immelt, Moves GE’s Health Care Unit to China Fire

    Jul 25, 2011 11:57 AM ET

    General Electric Co. (GE)’s health-care unit, the world’s biggest maker of medical-imaging machines, is moving the headquarters of its 115-year-old X-ray business to Beijing to tap growth in China.

    “A handful” of top managers will move to the Chinese capital and there won’t be any job cuts, Anne LeGrand, vice president and general manager of X-ray for GE Healthcare, said in an interview. The headquarters will move from Waukesha, Wisconsin, amid a broader parent-company plan to invest about $2 billion across China, including opening six “customer innovation” and development centers.

    The move follows the introduction earlier this year of GE Healthcare’s “Spring Wind” initiative to develop and distribute medical products and services in China, GE said in a statement today. More than 20 percent of the X-ray unit’s new products will be developed in China, LeGrand said.

    The division should have “double-digit” growth rates as the country converts from film and analog to digital X-ray technology, LeGrand said. “When you look at a market like China, it’s primarily analog. So we feel this will also bring digital technology at an appropriate price-point.”

    GE Healthcare, also the world’s biggest maker of magnetic resonance imaging and cardiac tomography scanners, got about $1.1 billion of its $16.9 billion in sales from China last year. Health-care device markets are forecast to more than double this year, according to researcher Epsicom.
    ‘Intense Competition’

    GE’s increasing focus on the Chinese market will heighten competition for local suppliers, such as Shenzhen-based Mindray Medical International Ltd. (MR), according to Johnson Sun, a health- care analyst at Guotai Junan Securities HK Ltd. in Hong Kong.

    “This will mean more intense competition for Mindray in China especially at the lower-end, primary-care market where growth potential is strong because of government reforms,” Sun said in a telephone interview. That part of the market is attracting interest from foreign companies such as GE and Siemens AG (SIE), he said.

    Mindray Medical is China’s biggest seller of medical devices by sales. Its American depositary receipts fell 0.8 percent to $26.95 at the 4 p.m. close of New York Stock Exchange composite trading on July 22.
    Hiring Plans

    The X-ray business, whose financial results aren’t reported separately by GE, will hire 65 new engineers and support staff at a new Chengdu facility, the company said in the statement. GE has hired “a large number” of engineers who are in training, LeGrand said. GE, based in Fairfield, Connecticut, also has a global research center in Shanghai.

    “Over the next five years, China will be GE Healthcare’s most important growth market,” Rachel Duan, the China unit’s president and chief executive officer, said in Beijing.

    The company wants to keep its leading position in providing medical devices targeted at higher-end Chinese customers, and also break into China’s growing market for primary health care, a key goal of the Chinese government’s health-care reform plans.

    To do that, GE Healthcare plans to boost China-based research, enabling it to introduce at least 20 products for the local market during the next three years, Duan said. Of those products, 70 percent will be used in primary care, such as by a general practitioner or family doctor. The company is targeting doubling production capacity in China in five years, she said.

    About 60,000 people work at GE Healthcare globally, including 820 in the X-ray business, said Benjamin Fox, a company spokesman. Of health-care employees, more than 5,000 are in China, including about 2,000 sales representatives, Duan said.

    http://www.bloomberg.com/news/2011-0...s-planned.html
    The essence of freedom is the proper limitation of Government

  • #2
    That's Bloomberg's version of the story. Here's the truth of it. http://theeconomiccollapseblog.com/a...listering-pace
    The essence of freedom is the proper limitation of Government

    Comment


    • #3
      Do as I say... not as I do!

      (In a market-economy, the jobs will always follow the market!)
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

      Comment


      • #4
        China is a huge growth market, so why shouldn't they have operations presence there?

        Originally posted by justbroke View Post
        Do as I say... not as I do!

        (In a market-economy, the jobs will always follow the market!)

        Comment


        • #5
          Originally posted by jacko View Post
          China is a huge growth market, so why shouldn't they have operations presence there?
          Because they are supposed to be an "American" company - look, EVERY country is protectionist, including!! China. So since the US (both dems and reps) drank the "World is Flat" "Free trade" super-kool-aid, this nation - or the economic elites - exported our jobs to other nations.

          NO other nations, frankly, has been as stupid or greedy.

          FOr real unemployment rates, etc, check out www.shadowstats.com

          Comment


          • #6
            Also, what's amazing that the article that banca rotta secondarily refers quotes this article here http://www.dailymail.co.uk/news/arti...road-ruin.html

            What's amazing is that this is now worse than the de-industrialization rape of the UK by Thatcher and later Blair, they are now LESS de-industrialized it seems than the US.

            I think here is the thing about Obama - he is a corporatist - no different than most other politicians, and he cannot see beyond trying to please the CEO's and banksters.

            Comment


            • #7
              The point to all this is GE's CEO is the head of Obama's jobs counsel.

              It should be titled "China jobs counsel".
              The essence of freedom is the proper limitation of Government

              Comment


              • #8
                Originally posted by banca rotta View Post
                The point to all this is GE's CEO is the head of Obama's jobs counsel.

                It should be titled "China jobs counsel".
                Exactly, it's the hypocrisy of it all. How can Obama's Job Czar wave his finger at other companies in telling them to start hiring, when he himself is creating jobs in China not here.

                Comment


                • #9
                  The hypocrisy is nothing new. Look no further than Bankruptcy! Just who wrote the amendments to the bankruptcy code that we lovingly call the BAPCPA of 2005?
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    Originally posted by justbroke View Post
                    The hypocrisy is nothing new. Look no further than Bankruptcy! Just who wrote the amendments to the bankruptcy code that we lovingly call the BAPCPA of 2005?
                    EXACTLY!!

                    There is a chap I listen to on XM on my way home from work (or to my P/T jobs :-) who says that Congressfolk should wear NASCAR patches - that is, like NASCAR drivers, their suits should have patches from their sponsors so we would know for whom they truly work!

                    Comment


                    • #11
                      Originally posted by IamOld View Post
                      There is a chap I listen to on XM on my way home from work (or to my P/T jobs :-) who says that Congressfolk should wear NASCAR patches - that is, like NASCAR drivers, their suits should have patches from their sponsors so we would know for whom they truly work!
                      I think that should be MANDATORY.
                      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                      Status: (Auto) Discharged and Closed! 5/10
                      Visit My BKForum Blog: justbroke's Blog


                      I am not an attorney. Any advice provided is not legal advice.

                      Comment


                      • #12
                        GE is a multinational company owned by tens of thousands shareholders worldwide with vast business entities globally. How are you suppose to cater to the China market from the home office? IBM and others have a Australian subsidiary which caters to that country and or others in the region.

                        Originally posted by IamOld View Post
                        Because they are supposed to be an "American" company - look, EVERY country is protectionist, including!! China. So since the US (both dems and reps) drank the "World is Flat" "Free trade" super-kool-aid, this nation - or the economic elites - exported our jobs to other nations.

                        NO other nations, frankly, has been as stupid or greedy.

                        FOr real unemployment rates, etc, check out www.shadowstats.com

                        Comment


                        • #13
                          Originally posted by jacko View Post
                          GE is a multinational company owned by tens of thousands shareholders worldwide with vast business entities globally. How are you suppose to cater to the China market from the home office? IBM and others have a Australian subsidiary which caters to that country and or others in the region.
                          I agree completely. A global company is just that... global. The original article was talking about GE moving a major division -- X-ray technology -- to China; the headquarters would be in China.

                          I really don't care, because the reason we enjoyed so much growth, was due to emergency markets. We, as Americans, sold a lot of product, but then our lust for "cheap" stuff made China what it is today. The largest exporter of cheap stuff. Americans would absolutely through a fit if our manufacturing jobs cut the salaries down to less than $4/hour.

                          It's a vicious cycle. Even when the White House's chief counsel on job creation, decides to move jobs out of the country, is what's the point here.
                          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                          Status: (Auto) Discharged and Closed! 5/10
                          Visit My BKForum Blog: justbroke's Blog


                          I am not an attorney. Any advice provided is not legal advice.

                          Comment

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