GE is to announce its complete German management team along with an expansion of facilities including its research centre in Munich and a German marketing campaign as it aims to grow in the German market, according to the Wall Street Journal.
The US conglomerate has stated its goal of competing harder with the German company Siemens, which has 100 production facilities in the US and generates a quarter of its $105bn annual revenue there.
GE’s new management team in Germany headed by Ferdinando Baccalli-Falco will be responsible for its own profit-and-loss account and has picked gas turbines, where Siemens has a 50 per cent market share, as one of its targets. Germany’s nuclear phase-out is also expected to boost this market.
“Germany has always been the engine and the locomotive of the European economy,” Beccalli-Falco told the Wall Street Journal. “One of the things we have to do is improve our position there.”
The country-focused structure is seen as unusual for GE and mirrors the group’s approach to India implemented last year.
Beccalli-Falco had managed GE’s international business until vice chairman John Rice moved to Hong Kong to take a new post covering global operations and growth.
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