General Electric (GE)

Conglomerate
NYSE: GE
USA
Baker Hughes

"Iran says it has started talks with major American and Italian companies to form partnerships with some of its oldest brands of household devices in what appears to be a policy to prevent their demise. The announcement was made by Abbas Hashemi, the director general for household devices affairs of the Ministry of Industry, Mine, and Trade. Hashemi was quoted by the domestic media as saying that the companies with which talks to were underway on the same front were multinational conglomerate corporation General Electric (GE), the American multinational manufacturer and marketer of home appliances Whirlpool Corporation, and the Italian Ariston Thermo Group." (Press TV, "US, Italian Firms to Save Iran's Troubled Brands," 1/8/2017).

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"Iran is in talks with two American home appliances manufacturers General Electric (GE) and Whirlpool for joint venture, according to Abbas Hashemi, director general of home appliances and metal industries department of Iran's Ministry of Mine, Industry, and Trade. Addressing a press conference, Hashemi said Iran is seeking joint venture and cobranding deals with foreign companies where a minimum 30 percent of the products are exported to regional markets, Trend correspondent reported from the event January 3. In particular he said that the ministry is looking forward to have one or two brands produce split cooler units in Iran." (Trend News Agency, "Iran Seeking JV with American Giants GE, Whirlpool," 1/5/2017).

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GE Power is listed as an attendee at the Iranian Base Metals Conference that took place from September 6-7, 2016 in Tehran, Iran. (Iranian Base Metals Conference Attendees, 2016).

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"The chief executive of General Electric Co.’s oil-and-gas business has visited Tehran to explore business opportunities there, the company said, the first known visit by an energy executive of an American company since before Western sanctions were imposed on Iran over its nuclear program. Lorenzo Simonelli, CEO of GE Oil & Gas, visited Iran in recent days and departed on Monday as the company takes another look at the country now that nuclear-related sanctions have ended, a GE spokeswoman said. 'In line with the easing of sanctions, we have begun looking at potential business opportunities in Iran, while fully complying with the rules laid out by the U.S. government,' the spokeswoman said. 'Mr. Simonelli’s visit…was part of our efforts to that end.' ... GE Oil & Gas, based in London, is a subsidiary of its American parent company... GE manufactures oil-drilling and processing equipment, including subsea pumps and pipeline-service units. Mr. Simonelli’s visit included a meeting with a top Iranian oil official, according to a person familiar with the matter. The company wants to sell spare parts, compressors and turbines from its unit Nuovo Pignone, which is based in Florence, Italy, according to a person familiar with the matter... GE Oil & Gas has had a team of 50 in Dubai and Florence preparing to work in Iran for months, examining every detail to ensure compliance with U.S. sanctions, a person familiar with the matter said. That includes insulating any potential Iran business from its U.S. parent and avoiding any use of U.S. technology... Other American companies have shown interest in Iran, but it isn’t clear whether they have sent delegations to the country. Chevron Corp. last year sent officials to an Iran-focused conference in Vienna." (The Wall Street Journal, “GE’s Oil and Gas Chief Explores Opportunities in Iran,” 2/15/2016)