General Electric, the largest conglomerate in the US by market capitalisation, has established a joint venture with a Chinese company to sell wind turbines in China as it seeks to penetrate more deeply into the fast-growing market.
GE will have the minority share in the joint venture with a subsidiary of Harbin Power Equipment Co, and as part of the deal Harbin will take a 49 per cent stake in GE’s existing Shenyang wind factory, which makes land-based wind turbines.
GE has developed a number of joint ventures in areas such as aviation as it attempts to build its presence in China, where it has over 13,000 employees and brings in about $5bn in annual revenues.
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