On Thursday, General Electric Company (NYSE:GE)’s shares inclined 0.27% to $31.14.
GE (GE) has been awarded a landmark contract valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). Scheduled for completion in 48 months, the plant will support the phosphate mining operations in the locality, in turn driving industrialization and job creation for Saudi nationals.
GE will deliver the turnkey power plant, supplying four advanced GE 7F.05 heavy duty gas turbines and a GE steam turbine, and featuring solar innovation technology. The 1,390 MW combined cycle plant will be able to provide the equivalent power needed to supply more than 500,000 Saudi homes.
Ziyad Al Shiha, CEO of Saudi Electricity Company, said: “We continue to strengthen the Kingdom’s power infrastructure to meet the growing demand for electricity and to accelerate all-round growth. Waad Al Shamal is a strategically located power plant that has tremendous potential to energize the local economy and create jobs for Saudis through its support to the industrial sector. By awarding the contract to GE, we are further building on the long-term partnership we have with GE, with a focus on advanced technologies.”
One of the gas turbines will be assembled fully at the GE Manufacturing Technology Center in Dammam, underlining GE’s commitment to localization. The remaining gas turbines will be produced at GE’s manufacturing plant in Greenville, SC, USA, and the steam turbine will be produced at GE’s manufacturing plant in Schenectady, NY, USA.
General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Vale SA (ADR) (NYSE:VALE)’s shares gained 0.61% to $3.29. The market capitalization of Vale SA (ADR) (NYSE:VALE) is $15.84 billion with the total traded volume of the company is 7.99 million. Turning to market valuation, the Price-to-Sales ratio is 0.73 and the Price-to-Book ratio is finally 0.39. The dividend yield amounts to 3.04 percent and the beta ratio has a value of 1.39.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Fossil Group Inc (NASDAQ:FOSL)‘s shares dipped -1.54% to $36.56.
Fossil Group, Inc. (FOSL) declared that it has accomplished effective December 22, 2015, the formerly declared acquisition of Misfit, Inc. for $236.0 million, which comprised an estimated working capital reduction adjustment of about $7.0 million, and does not comprise about $7.0 million of payments with respect to unvested equity awards. The purchase price is subject to a further post-closing working capital true up.
The acquisition will enable the Company to expand its addressable market, offering consumers both traditional timepieces and fashionable connected accessories. Misfit brings to the Company a scalable cloud and app platform, a world-class software and hardware engineering team, a native wearable technology brand and a pipeline of innovative products.
Fossil Group, Inc., together with its auxiliaries, designs, develops, markets, and distributes consumer fashion accessories. The company operates through four segments: North America Wholesale, Europe Wholesale, Asia Pacific Wholesale, and Direct to Consumer. The company’s principal products comprise a line of men’s and women’s fashion watches and jewelry, handbags, small leather goods, belts, sunglasses, soft accessories, and selected apparel.
