General Electric Co. (GE) is beefing up its presence in Nordic countries.

 GE Power, the company's power generation arm, will build new wind farms in Finland and Sweden. "We are in discussions with several customers and partners," GE Power Finland CEO Markus Alholm told Reuters on the sidelines of an energy conference.

"We are very active in wind in the Nordic countries," Alholm said. In Finland, the company is planning new farms with about 80 to 100 megawatts per farm. GE Power has similar plans for Sweden. GE recently announced that it reached a deal to build a 650-megawatt wind farm in Sweden with Green Investment Group.

GE Power's proposed expansion in the region comes one day after its parent company announced it will slash its dividend in half. GE hasn't made such a move since the Great Recession in 2009. Following the news, GE stock toppled to its lowest level since 2009.

Just after the market open Tuesday, GE stock declined 2% to $18.63. Shares have shed 41% of their value since the start of the year.

General Electric is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells GE? Learn more now.

GE Is the Last of the Original 'Dirty Dozen' Dow Stocks: Here Are the Other 11

More of What's Trending on TheStreet:

More from Stocks

It's Harvest Season for Tax Losses

It's Harvest Season for Tax Losses

Santa Claus Rally? Machines Render Old Stock Market Adages Worthless

Santa Claus Rally? Machines Render Old Stock Market Adages Worthless

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

Procter & Gamble Helps Lead Dow Jones After Upgrade From Morgan Stanley

Hey Investors, Don't Let the Bad Times Pollute Your Mind

Hey Investors, Don't Let the Bad Times Pollute Your Mind

Make This Dividend Aristocrat a Staple of Your Portfolio

Make This Dividend Aristocrat a Staple of Your Portfolio