growing at an "encouraging" pace and "don't seem to be slowing at all given volatility in the rest of the world," Immelt said.
You see?
This volatility thing is for finance based economies.
GE's revenues in Brazil--now expected to grow more 30% this year--were $2.6 billion in 2010. The company is investing $570 million in Brazil in the 2010-13 period to expand its health-care equipment, locomotives, turbines, wind power equipment production and other industrial areas.
Around $170 million of the total will be spent on a new research center in Rio de Janeiro, to start up in 2013 to develop "four or five key technologies to support local customers, including in oil and gas exploration, health care and smart grid technology," Immelt said.
...
Marcos Leal, corporate marketing director for GE in Brazil, said the company's current investments in the South American country involve doubling capacity to 120 units a year at the locomotives production facility in Minas Gerais state, which is starting to export to Africa.
Health-care equipment production facilities in Minas Gerais are also being expanded as is the aircraft turbine servicing center in Petropolis.
GE produces wind-power generation turbines in Sao Paulo state, and will supply Brazilian billionaire Eike Batista's EBX Group with solar power-generation equipment, according to Leal.
"We want to be together with EBX in its growth in mining, oil, power generation and logistics," he said.
Oil and gas producer Petroleo Brasileiro SA (PBR, PETR4.BR) and miner Vale SA (VALE, VALE5.BR) are existing big customers of GE in Brazil, Leal said.
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