General Electric (GE) Healthcare Arm Invests in Lindesnes Site
General Electric’s GE Healthcare unit is making an $80 million investment at its Active Pharmaceutical Ingredients (API) site in Lindesnes, Norway to increase manufacturing capacity by 30%.
The investment, which is expected to create around 100 new jobs, is aimed at meeting future demand for iodinated contrast media across the globe. Iodinated contrast media is used in Xray and Computed Tomography (CT) procedures to enhance visualization of organs, blood vessels and tissues across disease pathways. GE Healthcare has a goal to produce 30 million more doses of contrast media per year by 2025.
General Electric expects global demand for iodinated contrast media to double in the next 10 years, owing to prevalence of chronic disorders and growth in CT procedures. Through the $80 million investment, the company aims to address “this growing demand to meet the needs of our customers and their patients across the globe".
General Electric Company Price
General Electric Company price | General Electric Company Quote
The API site in Lindesnes, Norway is 100 acres and employs 450 people. The site has been operational since 1974. Recently, GE Healthcare has entered into a multi-year agreement with Sociedad Quimica y Minera de Chile for iodine supply, which is essential for iodinated contrast media.
Zacks Rank & Key Picks
General Electric currently carries a Zacks Rank #3 (Hold).
Some better-ranked companies are as follows:
Enerpac Tool Group Corp. EPAC delivered an average four-quarter earnings surprise of 3.4%. EPAC presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks.
Enerpac Tool’s estimated earnings growth rate for the current fiscal year is 44.6%. Shares of the company have jumped 21% in the past six months.
Applied Industrial Technologies, Inc. AIT presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 24.8%, on average.
Applied Industrial has an estimated earnings growth rate of 14.3% for the current fiscal year. Shares of the company have gained 22.7% in the past six months.
IDEX Corporation IEX presently has a Zacks Rank of 2. IDEX pulled off a trailing four-quarter earnings surprise of 5.7% on average.
IDEX has an estimated earnings growth rate of 28.3% for the current year. Shares of the company have rallied 27.5% in the past six months.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
General Electric Company (GE) : Free Stock Analysis Report
Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
IDEX Corporation (IEX) : Free Stock Analysis Report
Enerpac Tool Group Corp. (EPAC) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
