GE Is Expanding Its Push Into The Industrial Internet

General Electric (GE) - Get Report , a stock held in Jim Cramer's Action Alerts PLUS charitable trust, announced Tuesday that it has expanded the scope of its so-called 'Industrial Internet.' The manufacturing giant says it has opened a new digital office in Paris, as part of CEO Jeff Immelt's plan to expand its burgeoning cloud-based software program. The move is part of Immelt's strategy to scrap the final remnants of GE Capital, which was largely responsible for pulling GE into the 2008 financial crisis and its relatively stagnant recovery. Immelt has been replacing the finance arm with industrial megadeals, such as last fall's $10 billion acquisition of French turbine maker Alstom's grid businesses. And the Industrial Internet, which is based on GE's Predix software, is aimed to give GE customers new ways to optimize machine performance from wind farms to jet engines and rail lines.

This article was written by a staff member of TheStreet.