GE power CEO reveals problem with new turbine model, shares drop

The company has discovered an “oxidation issue” that affects the lifespan of blades in its HA-Class turbines, a major product for GE’s power division, GE Power Chief Executive Russell Stokes said in a letter posted on LinkedIn. “Obviously, this was a frustrating development, for us, as well as for our customers,” Stokes said in the blog, first posted on Wednesday, adding that the company had implemented a fix that had the turbines working within targeted parameters. J.P. Morgan analyst Stephen Tusa said in a research note on Thursday that the problem appeared to have resulted in a broken …read more

Source:: Yahoo Finance


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