And we wonder why the recovery is not improving the American jobs situation

“A handful’’ of top managers will move to the Chinese capital and there won’t be any job cuts, said Anne LeGrand, general manager of X-ray for GE Healthcare. The headquarters will move from Wisconsin amid a broader plan to invest about $2 billion across China, including opening six “customer innovation’’ and development centers.

GE moving X-ray business to China

http://www.boston.com/business/articles/2011/07/26/ge_moving_x_ray_business_to_china/

Thanks again, Sadie.

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  • SADIE

    A cautionary tale about business and business in China…
     
    There are few paper shredders in the world that can rip an A4 piece of paper into 2,000 pieces, and come with functions like SilentShred, SafeSense, and “100% Jam Proof”—and most that do have the name “Fellowes” printed on top. But consumers may soon be able to buy, say, the deluxe Powershred C-480Cx, without the Fellowes brand, because the company’s entire business in China has been stolen by its joint venture partner.
     
    http://www.theepochtimes.com/n2/china-news/american-stationary-giant-brought-to-its-knees-in-china-54204.html
     
     

  • Danny Lemieux

    I agree, China is a terrible idea. But Asia has other countries that make good corporate homes…

    Here’s another casualty of the combined assault of ObamaCare and Obamanomics.

    http://articles.boston.com/2011-07-29/business/29830200_1_latest-job-cuts-boston-scientific-investments

  • jj

    I doubt if that’s it, Danny, Immelt is Obama’s butt-boy – unless Obama’s his, which is, come to think of it, much more likely – and GE has been at the top of the heap benefiting from Obama’s brand of crony capitalism.  Immelt even sits on the little jackass’s business advisory board, an interesting position, one might be forgiven for thinking, for someone currently engaged in moving an operation to China.

  • bizcor

     
    I wonder why Jeff Immelt thinks the Chinese won’t screw GE too. Furthermore I wonder why the powers that be don’t think China will screw us. I don’t know folks…I don’t know.
     

  • http://ymarsakar.wordpress.com Ymarsakar

    Whatever happens to America, bizcor, the powers that be and the Ruling Class can always make their own private deals that benefit themselves. Irregardless of American-Chinese relations.

  • Danny Lemieux

    whoops, here’s another one…
     
    From the Wall Street Journal today, we get:
    “HSBC Holding Plc on Monday said it is slashing around 30,000 jobs to cut costs and revamp its business, as the banking giant follows through on a May plan to withdraw from some countries and refocus its operations on high-growth markets.”
    http://online.wsj.com/article/SB10001424053111903520204576481533557357692.html?mod=WSJ_hp_LEFTWhatsNewsCollection

    [Banks]? [Banks]? We don’t need no steenkeeng [banks]!
     
    [Insert] pharmaceutical companies, doctors, software companies, medical device makers, automakers, oil companies..

  • http://ruminationsroom.wordpress.com Don Quixote

    This goes back a long way, Danny.  I grew up around Pittsburgh, PA, when steel production was headed overseas. 

  • Danny Lemieux

    DQ: “I grew up around Pittsburgh, PA.”
    Now I understand why you are such a sensible man!

  • http://photoncourier.blogspot.com David Foster

    Devil’s Advocate: So, if you put yourself in the shoes of Anne LeGrand, who runs GE XRay, what would you do? Bear in mind that:

    1)XRay is a fairly mature technology/market in the US & Europe; you have very large growth opportunities in China & other developing nations

    2)You have large & aggressive competitors in this market, including for example Siemens

    3)Most likely, the Chinese government has made it clear to you, explicitly or implicitly, that your ability to sell your products in China will be a strong function of how much investment you are willing to make in that country, with particular attention to things like engineering, headquarters operations, etc.