Boston, MA 12/17/2013 (wallstreetpr) – Things are moving fast for General Electric Company (NYSE:GE) as on Monday, the multi-dimensional company ended its 5 year old legal battle with Mitsubishi and bagged a $800 million deal from VietJet.
Settled Patent lawsuits
General Electric Co., the chief producer of the wind turbines in the U.S. and Mitsubishi Heavy Industries Ltd. mutually agreed to close all patent infringement lawsuits in relation to wind-turbine technology in the United States by permitting cross-licensing.
As per the Mitsubishi’s statement, the two of the compaies have decided not to disclose the detailes of the agreed settlement.
As per the statement made by Mitsubishi, GE had filed a complaint with the U.S. International Trade Commission (ITC) in the year 2008, which charged Mitsubishi’s 2.4 MW turbines of patent infringement. This was followed by filling a suit by GE in 2009 with a district court in Texas and the other in 2010. Mitsubishi Heavy filed two lawsuits, in 2010, with district courts in Florida and Arkansas.
VietJet Deal
On Monday, VietJet Air, a Vietnam’s budgetcarrier has approved a $800 million deal with a joint venture between General Electric and Snecma, France’s Safran SA unit,CFM International. Under the deal, the Vietnamese carrier will buy 40 engines from the two firms. The $800 million agreement, which was jointly signed by the repsof GE and CFM in the Vietnamese capital, Hanoi, includes 28 engines meant for the Airbus A320 and the rest 12 engines for the A321 models.
This deal confirms the VietJet’s huge expansion plan as it recently entered into a $9 billion agreement with Airbus to buy 92 jets, priimarily A320s, to be delivered over the period of eight years.
Stock Movements
General Electric Company (NYSE:GE) shares rose by 14 cents (0.52%) to $26.98 on the Monday’s trading session as the company confirms to boost its common stock dividend sixth time from $0.19 to $0.22 per quarter.
