GE's Immelt Says He Doesn't Want A Big Acquisition In Near-Term

Date : 04/20/2012 @ 10:10AM
Source : Dow Jones News
Stock : General Electric Company (GE)
Quote : 27.45  -0.04 (-0.15%) @ 5:55PM

GE's Immelt Says He Doesn't Want A Big Acquisition In Near-Term

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General Electric Co. (GE) Chief Executive Jeff Immelt all but swore off big acquisitions by the conglomerate this year, saying Friday that the company is concentrating on integrating previous large deals in the energy sector.

"I just don't want to do a big deal," Immelt said, in response to an analyst's question during GE's post-earnings conference call. "We never say never, but I just don't want to do a big deal right now."

Immelt previously has said he didn't expect any big acquisitions in 2012 after about $12 billion in deals last year.

He reiterated Friday that "small, bolt-on acquisitions" are still a possibility for the company this year.

"But we've got a lot on our plate" already, he added.

GE shares were up about 2.3% in recent trading, at $19.59, after the Fairfield, Conn., conglomerate reported a 12% decline in first-quarter earnings that nonetheless beat Wall Street expectations on an operating basis, fueled by renewed profit growth at its big energy infrastructure division.

-By Bob Sechler; Dow Jones Newswires; 512-258-1690; bob.sechler@dowjones.com

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