NEW YORK (AP) -- General Electric Co. said Tuesday it will sell gas turbines to China in a five-year deal expected to generate $500 million in revenue.
The agreement with China Huadian Corp., announced on the eve of Chinese President Hu Jintao's visit to the U.S., will include at least 50 generators to be sold and installed in China. The turbines will be used for combined heat and power projects in the country.
The deal with Huadian is part of a larger effort by GE to tap Chinese markets. Earlier this month, GE said it would sell gas turbines with Jiangsu Tianue Energy & Chemical Group Co. GE Chairman and CEO Jeff Immelt also plans to spend $500 million on research and development centers across China.
GE said federal officials estimate the deal will "support" 2,100 U.S. jobs and promote further job growth in both countries.
GE shares fell a penny to $18.81 in morning trading.
The agreement with China Huadian Corp., announced on the eve of Chinese President Hu Jintao's visit to the U.S., will include at least 50 generators to be sold and installed in China. The turbines will be used for combined heat and power projects in the country.
The deal with Huadian is part of a larger effort by GE to tap Chinese markets. Earlier this month, GE said it would sell gas turbines with Jiangsu Tianue Energy & Chemical Group Co. GE Chairman and CEO Jeff Immelt also plans to spend $500 million on research and development centers across China.
GE said federal officials estimate the deal will "support" 2,100 U.S. jobs and promote further job growth in both countries.
GE shares fell a penny to $18.81 in morning trading.