GE moves key business group to China

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General Electric -- the company that pays no corporate income tax and whose CEO is bestest buddies with Obama -- is moving it's Medical Imaging division over to China. From Bloomberg News:
GE Moves 115-Year-Old X-Ray Unit�s Base to China to Tap Growth
General Electric Co. (GE)�s health-care unit, the world�s biggest maker of medical-imaging machines, is moving the headquarters of its 115-year-old X-ray business to Beijing to tap growth in China.

�A handful� of top managers will move to the Chinese capital and there won�t be any job cuts, Anne LeGrand, vice president and general manager of X-ray for GE Healthcare, said in an interview. The headquarters will move from Waukesha, Wisconsin, amid a broader parent-company plan to invest about $2 billion across China, including opening six �customer innovation� and development centers.
Sure -- there is the option for greater sales in China but they are not just opening a factory over there, they are moving the headquarters of that entire division there. Not headquartered in the USA? Don't pay corporate taxes to the USA. They will be liable for Chinese taxes but I am betting that the ink is already very dry on a sweetheart deal. Call me a cynic but...

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GE paid huge quarterly taxes and minimal year-end taxes last year. Don't repeat wrong stuff!

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This page contains a single entry by DaveH published on July 28, 2011 3:42 PM.

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