The new will focus on developing advanced subsea oil and gas technology, and will serve as a "hub for engagement and collaboration" with customers in Latin America. GE said it is working with Pretrobras (PBR) and BG Group (BRGYY) on research projects to develop technology and equipment that will help move oil production from platforms above the surface to the seabed.
GE said it expects to employ 400 researches in Latin America sometime in the future thanks to the new facility.
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TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."