(Reuters) - General Electric Co (GE.N) hopes to double the company’s German business in five years through a combination of organic and inorganic growth, a company executive told the Wall Street Journal in an interview.
On Tuesday, GE plans to announce its full German management team, an expansion of facilities including its Munich-based research center and a German marketing campaign, as the company tries to gain market share in the world’s fourth-largest economy that is now dominated by Siemens (SIEGn.DE), the paper said.
The new management team, under the leadership of Ferdinando Beccalli-Falco, will be responsible for its own profit and loss account and will take aim at two key German markets -- gas turbines and health care, the Journal said.
“Germany has always been the engine and the locomotive of the European economy. One of the things we have to do is improve our position there,” Beccalli-Falco told the Journal in an interview.
Beccalli-Falco sees strong potential in energy, health care and finance, and expects to add 400 to 500 jobs in the process, according to the newspaper.
Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman Daga