GE - General Electric Company

NYSE - Nasdaq Real Time Price. Currency in USD
11.30
+0.01 (+0.05%)
As of 10:59AM EST. Market open.
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Previous Close11.29
Open11.18
Bid11.27 x 36100
Ask11.28 x 36900
Day's Range11.18 - 11.31
52 Week Range6.40 - 11.58
Volume9,093,221
Avg. Volume67,780,533
Market Cap98.649B
Beta (3Y Monthly)1.14
PE Ratio (TTM)N/A
EPS (TTM)-0.62
Earnings DateJan 29, 2020
Forward Dividend & Yield0.04 (0.35%)
Ex-Dividend Date2019-09-13
1y Target Est10.42
  • General Electric Arm Clinches Wind Turbine Deals From ENGIE
    Zacks

    General Electric Arm Clinches Wind Turbine Deals From ENGIE

    General Electric's (GE) advanced 2 MW turbines will help ENGIE North America in providing clean and renewable energy in Oklahoma and South Dakota.

  • Sorry Trump, Multinationals Are Still Pouring Cash Into China
    Bloomberg

    Sorry Trump, Multinationals Are Still Pouring Cash Into China

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Foreign companies continue to invest more in China even after President Donald Trump called on U.S. firms to look elsewhere, as the rising spending power of 1.4 billion people proves too hard to resist.Companies from Tesla Inc. to Walmart Inc. are expanding operations in the world’s second-biggest economy, joined by counterparts from Korea, Japan and Europe. That’s helping offset the departure of goods manufacturers that have had to rethink supply chains after U.S. tariffs made their products more expensive.Foreign direct investment into China rose nearly 3% in the first nine months of 2019 from a year earlier, according to the Ministry of Commerce, the same pace as 2018’s increase. While the U.S. outstripped that increase last year, investment has dropped off since Trump became president.“Multinational firms are now more likely to invest in China since serving the market from abroad will be risky given the mutual trade barriers that have been erected and the fact that any truce in the trade war is likely to be only temporary,” said David Dollar, a senior fellow at the Brookings Institution in Washington.Almost 75% of China’s inbound investment is now into services, utilities and other sectors aimed at the domestic market, said Dollar, a former U.S. Treasury attache in Beijing. If anything, the trade war is encouraging companies to ensure they have a China base, he said.That’s the opposite of what President Trump has pushed for: in August the president tweeted that U.S. companies should “immediately start looking for an alternative to China.”“If you go to major U.S. companies and say, ‘well the politics in D.C. says we have to decouple so you are going to leave the China market,’ they would say ‘no we can’t because the prize is too big’,” Arthur Kroeber, head of research at Gavekal said in a presentation in Hong Kong this month.One complication in analyzing the trend is the difficulty in determining how much of the spending represents real investment, and how much is Chinese companies moving money offshore and then bringing it back to the mainland. Some three quarters of China’s FDI in 2018 came from Hong Kong, the British Virgin Islands or the Cayman Islands, which a recent International Monetary Fund report called sources of “phantom FDI.”EV BoomYet there’s also plenty of news demonstrating the big bet on China’s consumer. Tesla is eyeing mass production out of its first factory outside the U.S. in a plant near Shanghai for which the automaker has received as much as $521 million in loans from Chinese banks. Such spending generates a hive of activity right along the supply chain.LG Chem Ltd., the world’s second-biggest manufacturer of lithium-ion battery cells and said to be one of Tesla’s initial suppliers for its made-in-China Model 3 cars, said in October it plans to invest about $430 million in its Chinese business. In June, it teamed up with Geely Automobile Holdings Ltd. on a joint venture to produce electronic vehicle batteries.“China is a focal point for our battery investment,” spokesman Yoo Won Jae said in an interview this month.Economic BoostSuch inflows could help put a floor under an overall slowdown in investment, helping China hit its jobs targets even as the economy grows at its slowest rate in decades.Among other recent announcements:General Electric Co.’s GE Renewable Energy announced in July investments for undisclosed amounts in a new offshore wind factory and operation and development centerBASF SE in January signed a framework agreement with the government of Guangdong Province for a $10 billion manufacturing complex. In a first for a foreign chemical maker, BASF received permission to own 100% of the project rather than work with a local partnersWalmart in July said it will spend 8 billion yuan ($1.1 billion) on distribution centers in ChinaTrade war or not, the lure of 1.4 billion people can’t be ignored, AstraZeneca Plc Chief Executive Officer Pascal Soriot said in an interview at the second annual China International Import Expo in Shanghai. “We have to invest more in China.”Chinese investors have received a frosty reception in the U.S. By contrast, American companies are still being welcomed in China, according to Ker Gibbs, president of the American Chamber of Commerce in Shanghai.“At the provincial and municipal level, we sense an even heightened degree of enthusiasm for foreign investments,” he said. “They are very much courting us.”\--With assistance from Heesu Lee, Dong Lyu and James Mayger.To contact the reporters on this story: Bruce Einhorn in Hong Kong at beinhorn1@bloomberg.net;Enda Curran in Hong Kong at ecurran8@bloomberg.netTo contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, ;Emma O'Brien at eobrien6@bloomberg.net, Bruce Einhorn, James MaygerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GE Achieves Record Transmission of Power on a Super Energy Highway in India
    Business Wire

    GE Achieves Record Transmission of Power on a Super Energy Highway in India

    NEW DELHI & PARIS-- -- With Pole 3 of the Champa-Kurukshetra ultra-high-voltage direct current project complete, this DC link is now transmitting more electricity than any other DC link in India The ±800 kilovolts UHVDC transmission line is a crucial component of the Indian government’s electricity-for-all initiative, providing reliable electricity for 46 percent of its population. Upon completion, ...

  • Reuters

    Qatar Airways signs $4 bln CFM engine order

    Qatar Airways has placed a $4 billion jet engine order with CFM International to power its 50 Airbus A321neos. CFM, owned by General Electric and France's Safran , will supply LEAP-1A engines for the A321neos ordered by the state-owned carrier. “We chose the LEAP engine based on its proven efficiency in commercial operations,” Qatar Airways Chief Executive Akbar al-Baker said in a statement on Wednesday.

  • MarketWatch

    GE's stock slips, as J.P. Morgan's Tusa throws shade on recent rally

    Shares of General Electric Co. fell 1.5%, to extend their pullback from Friday's one-year closing high, after J.P. Morgan's bearish analyst Stephen Tusa indicated he didn't buy the recent raised outlook by management and resulting stock surge. Tusa reiterated his underweight rating and stock price target of $5, which was 47% below current levels. Since the company reported third-quarter results before the Oct. 30 opening bell, the stock had soared 27% through Nov. 8, when the stock closed at a one-year high. It has pulled back 2.3% since then. "Key to the recent bounce in GE stock is the notion that management has set a bottom on fundamentals, with the company "raising" guidance a sign of change in the revision trajectory," Tusa wrote in a note to clients. "We disagree," he said, as "lost in the noise" was the fact that GE missed guidance on core business earnings before interest and taxes (EBIT). He said the way the company avoided a "miss" despite weakness in its core business by using GE Capital to influence profits and shifting losses to corporate suggests the "historic culture" remains unchanged. "We don't deny companies the right to use all the degrees of freedom afforded by a diversified portfolio," Tusa wrote. "However, the apparent continuation of these dynamics supports are view that there are substantially fewer options for a clean break from the past, and that looks to us like it's ultimately unsustainable." The stock has run up 55% year to date, while the Dow Jones Industrial Average has gained 19%.

  • Barrons.com

    GE Stock Is Dropping. Analyst Says the Company Is ‘Missing Guidance.’

    General Electric shares were 1.3% lower in premarket trading. J.P. Morgan analyst Stephen Tusa, a prominent bear on the stock, published a negative research note Wednesday.

  • TheStreet.com

    General Electric Lagging Guidance and Peers' Results: J.P. Morgan Analyst Tusa

    GE's core industrial EBIT has fallen 10% short of the estimates the company made in March, the analyst writes. That's farther off target than other large-cap companies, he contends.

  • Are Passenger Jet Engines Hitting Their Technical Limits?
    Bloomberg

    Are Passenger Jet Engines Hitting Their Technical Limits?

    (Bloomberg Opinion) -- The high-pressure turbine blades in a Trent 1000 passenger jet engine have to withstand temperatures far above the melting point of the nickel alloy from which they’re made. It’s a fiendish technical challenge for the engine’s British manufacturer, Rolls-Royce Holdings Plc — comparable to trying to stop an ice cube melting inside a kitchen oven on full blast. The solution found by the company’s engineers was to blow cool air through tiny holes in the blades. Unfortunately this clever approach has encountered some unexpected problems.Boeing 787 aircraft operated by British Airways, Norwegian Air Shuttle, Virgin Atlantic and others have been grounded in recent months for inspections and repairs because the Trent 1000 engine blades have been degrading faster than anticipated. It’s the type of problem that’s becoming common in the industry as the demands placed on engines become ever greater.The expense of dealing with these things is rising too. Last week, Rolls-Royce quantified the cost of fixing various Trent 1000 issues at 2.4 billion pounds ($3.1 billion), a cash outflow the debt-laden manufacturer can ill afford.Few inventions have done more to transform our life over the past century than jet engines. They’ve let people travel faster and further, and they’re remarkably safe. Passenger fatalities like the one caused by a turbine failure on a Southwest Airlines flight last year are rare. Developed at enormous expense and using innovative new materials, the most recent “powerplants” (to use engines’ industry name) are comparatively quiet and fuel efficient.Yet these innovations have taken the technology closer to its technical limits and reliability issues have crept in. “By pushing the envelope on thrust and efficiency, things have started to go wrong elsewhere in the system,” says Nick Cunningham at Agency Partners. This is worrying because companies are under pressure to build even more efficient propulsion systems to curb carbon emissions. Rolls-Royce’s problems appear the most serious — some 40 787s powered by its engines are parked — but this is an industry-wide issue. Forced to ground planes and adjust flight schedules, airlines have resorted to leasing replacement aircraft and have told engine manufacturers to pay compensation.In September Tim Clark, the boss of Emirates, said manufacturers are delivering aircraft that don’t do what was promised. “Give us airframes and engines that work from day one. If you can’t do it, don’t produce them,” he said.The laws of science aren’t the only thing testing the engine makers. Airbus SE and Boeing Co. have brought several new passenger jets to market in quick succession and their powerplant suppliers have had to ramp up production rapidly. A lot of new demand is from emerging markets where dusty or polluted air can put additional strain on engines.Airbus production was thrown into chaos last year by engine glitches involving Pratt & Whitney’s geared turbofan (GTF) for the A320neo, Airbus’s top-selling jet. More recently the launch of Boeing’s 777x wide-body aircraft was pushed to next year after the premature wearing out of a General Electric engine component.It’s one thing for an engine to miss tough production targets, but quite another for engines to fail once they’re in service. “Engine manufacturers have always had teething problems but in four decades I’ve never seen anything like the list of technical issues they’re been having lately,” says John Strickland, director of JLS Consulting. This month India threatened to ground scores of Airbus A230neo jets operated by domestic carrier Indigo unless the Pratt engines were replaced by the end of January. The warning followed several incidents of engines shutting down in-flight.In October Lufthansa AG subsidiary Swiss temporarily grounded its Airbus A220(1) fleet so the Pratt engines could be inspected after a spate of powerplant failures (the debris from one such incident was recovered from a French forest last week). Since then Canadian regulators ordered the same aircraft not to operate at full power above a specified altitude.About 70% of airlines and lessors surveyed by Citi Research said groundings caused by engine issues were a key concern. Some are looking to operate mixed fleets to lessen the risk of one engine type being grounded. While that’s prudent, it’s more expensive than using a single type of equipment.The risk for engine manufacturers is that reliability issues cost them market share. Earlier this year Air New Zealand switched an order for 787 jet engines to GE after problems with its Rolls-Royce kit. Indigo placed a $20 billion order with the GE/Safran engine joint venture rather buy from Pratt (Pratt claimed the decision was price-related).The problems haven’t affected all new technologies. Rolls-Royce’s XWB powerplant for the Airbus A350 has proven reliable so far. The core gearing innovation underpinning Pratt’s GTF also appears to work as planned; a relief because it cost about $10 billion to develop.  There’s more at stake, though, than airline flight schedules and manufacturers’ pride and profitability. As with the car industry, the aerospace sector is gearing up for an epochal effort to curb carbon emissions. Aviation accounts for 2%-3% of greenhouse gas emissions but the sheer volume of plane deliveries in coming years will counteract engine efficiency gains. Aviation’s share could rise to between 10% and 25% by 2050, a Roland Berger study found. Unlike carmakers, the airlines lack viable technological alternatives. Biofuels have potential but fully electric large commercial aircraft are probably decades awayEngine manufacturers are working on still more efficient jet engine designs. Rolls-Royce claims its Ultrafan technology will deliver a 25% improvement in fuel burn compared to the first generation of Trents. Bringing these innovations to market quickly is essential from a planetary perspective but rushing development could prove counterproductive. “My sense is that public opinion in Europe at least is moving quicker than the technology,” says Rob Stallard at Vertical Research Partners.Cunningham is even less optimistic. “Gas turbines are running out of road at just the point where the political impetus is toward greater decarbonization,” he says. “Jet engines are unlikely to get a lot better from here.”(1) The plane was developed by Bombardier Inc and was known as the C-Series before Airbus acquired a majority stake.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • MarketWatch

    GE's stock extends post-earnings rally toward best 8-day performance in 10 years

    Shares of General Electric Co.'s rallied 1.7% toward a one-year high in afternoon trading Friday, putting them on track to match the longest win streaks in over three years. The stock has now run up 26.6% in the eight sessions since the industrial conglomerate reported third-quarter results before the Oct. 30 open, which would be the best eight-day percentage performance since March 2009, as the stock bounced off its financial-crisis low. The stock's current six-day win streak--it slipped 1.3% on Oct. 31--has matched the other six-day streaks that have been the longest since the 10-day win streak ended July 19, 2016. The other 6-day win streaks occurred in September, June and January of this year, in October 2018, February 2017 and November 2016. The stock has now run up 57.7% year to date, while the Dow Jones Industrial Average has gained 18.5%.

  • Barrons.com

    Honeywell Is a Growth Company Again as It Taps the Power of Big Data

    (HON) is one of the largest industrial companies on the planet. It won’t be for much longer if CEO Darius Adamczyk has his way. The 53-year-old former electrical engineer doesn’t dream of chopping Honeywell (ticker: HON) into smaller pieces, as industrial peers like (UTX) (UTX) plan to do.

  • The Zacks Analyst Blog Highlights: Alibaba, General Electric, Anthem, Progressive and Pharmaceuticals
    Zacks

    The Zacks Analyst Blog Highlights: Alibaba, General Electric, Anthem, Progressive and Pharmaceuticals

    The Zacks Analyst Blog Highlights: Alibaba, General Electric, Anthem, Progressive and Pharmaceuticals

  • Business Wire

    Unison Launches Hi-Performance Igniter Plug on Alaska Airlines’ Fleet

    At MRO Europe; Unison Industries signed a long-term material purchase agreement with Alaska Airlines for the purchase of its new Hi-Performance Igniter Plug for use on Alaska Airlines’ CFM56-7 powered fleet. Alaska Airlines currently has more than 160 Boeing 737 aircraft in service flying passengers to more than 115 destinations around the world. Unison’s Hi-Performance Igniter enables Alaska Airlines to almost double the lifespan compared to (standard or legacy) igniters, extending time on wing.

  • Could California's power blackouts save Bloom Energy?
    American City Business Journals

    Could California's power blackouts save Bloom Energy?

    Bloom Energy CEO: “We have witnessed how vulnerable our state electricity infrastructure is and how unprepared we are as a society to cope with the consequences of climate change."

  • Reuters

    UPDATE 1-GE unit orders 25 Airbus jets including 12 Rolls-powered A330neo - sources

    Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said. The order includes 12 Airbus A330neo jets, for which Rolls-Royce is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets.

  • GE unit orders 25 Airbus jets including 12 Rolls-powered A330neo - sources
    Reuters

    GE unit orders 25 Airbus jets including 12 Rolls-powered A330neo - sources

    Leasing giant GECAS, the aircraft leasing subsidiary of General Electric , has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said. The order includes 12 Airbus A330neo jets, for which Rolls-Royce is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets. It was included in a new Airbus order tally but the name of the buyer was not immediately disclosed.

  • US Indexes Close Higher Thursday With News on Trade
    GuruFocus.com

    US Indexes Close Higher Thursday With News on Trade

    S&P; 500 gains 0.27% Continue reading...

  • GE Engine Rival Delays This Key Fix For Grounded Boeing 787s
    Investor's Business Daily

    GE Engine Rival Delays This Key Fix For Grounded Boeing 787s

    Rolls-Royce said a key fix to its Trent 1000, which has left some Boeing 787 jetliners grounded, will take longer than expected.

  • P&G is studying Gillette's South Boston, Andover properties
    American City Business Journals

    P&G is studying Gillette's South Boston, Andover properties

    Cincinnati-based consumer goods giant The Procter & Gamble Co. is launching an assessment of the combined 184 acres it owns in Andover and South Boston as part of a plan to “invest in new, world class, high tech production facilities, a cutting-edge innovation center and more modern office space,” a company spokesperson said Thursday. P&G (NYSE: PG), which acquired shaving giant Gillette Co. in 2005 for $57 billion, has sold more than 9 acres of Gillette’s campus along the Fort Point Channel in South Boston. Gillette has occupied the South Boston site for more than a century.

  • Top Stock Reports for Alibaba, General Electric & Anthem
    Zacks

    Top Stock Reports for Alibaba, General Electric & Anthem

    Top Stock Reports for Alibaba, General Electric & Anthem

  • Options Bulls in Overdrive as GE Stock Hits New High
    Schaeffer's Investment Research

    Options Bulls in Overdrive as GE Stock Hits New High

    Upbeat U.S.-China trade news is lifting industrial stocks today

  • Reuters

    CORRECTED-UPDATE 3-Rolls-Royce takes another $1 bln hit to fix problem engine

    The bill to fix Rolls-Royce's Trent 1000 engine has risen by another 800 million pounds ($1 billion) as the aerospace group battles to reduce disruption to airline customers that have had to ground Boeing 787 passenger planes for repairs. The British engineer said on Thursday its operating profit and cash flow this year would come in at the bottom of its guidance - both at about 600 million pounds - as the cost of the Trent 1000's problems rose to 2.4 billion pounds for 2017-2023. Chief Executive Warren East said Rolls would spend more on parts and replacement engines to reduce the time aircraft are grounded while turbine blades are replaced.

  • GE Stock: Is the Glass Half Full or Half Empty?
    InvestorPlace

    GE Stock: Is the Glass Half Full or Half Empty?

    General Electric (NYSE:GE) announced its third-quarter results on Oct. 30. They were much better than expected, sending GE stock shooting higher. Up about 52% year-to-date, a good chunk of those gains came in the past week. Source: testing / Shutterstock.com InvestorPlace - Stock Market News, Stock Advice & Trading TipsThat said, it's important to remember that despite delivering a positive earnings surprise for the third consecutive quarter, the GE stock price is still down 3% since CEO Larry Culp was appointed to the top job on Sept. 30, 2018, replacing John Flannery. * 7 Under-the-Radar Retail Stocks to Buy Now How you view the past 13 months and the next 13 months depends on who you talk to. General Electric Stock's Glass Is Half FullThree things stand out from GE's Q3 2019 report. First, its Aviation and Healthcare businesses continue to generate healthy profits for the company. The two operating segments had combined profits of $7.5 billion in the first nine months of fiscal 2019, generating a segment profit margin of 19.4%. This is a good result despite ongoing problems at Boeing (NYSE:BA) with the 737 Max, which has cut into the unit's order growth. However, thanks to higher engine prices, it has managed to grow its aviation business by 8%. The second positive from the earnings report is that except for its power business, GE's industrial activities are growing its revenues and orders at a reasonable pace. Up 7% on an organic basis in the third quarter, GE is starting to look more like the thriving industrial conglomerate it once was.Finally, the company revised its industrial free cash flow projection for fiscal 2019 from its March outlook of between -$2 billion and $0, to its most recent forecast of anywhere from $0 to $2 billion in positive territory. Furthermore, GE expects its industrial free cash flow to be positive in 2020 with further acceleration in 2021. At the moment, eight analysts out of 20 have a "buy" rating on GE stock, only two have a "sell," while 10 give it a "hold." As for its target price, the average is $10.77, while the highest is $14, providing those long General Electric stock with 28% upside at current prices. The Glass Is Half EmptyThe lowest target price from the 20 analysts covering GE is $5, half its current levels. That comes from GE permabear Stephen Tusa. The JPMorgan analyst believes that it continues to be an underwhelming choice amongst industrial companies. "At a simplified headline level, there was no smoking gun, though the underlying details show a situation that is far from low risk," Tusa stated after GE's earnings.Tusa went on to suggest that GE's free cash flow at the high-end of its 2019 projection represents a 2% free cash flow yield, hardly an appealing purchase given the risks that still exist within the company's various segments. In the previous section about the glass half full, the aviation business has a lot to do with a positive outlook. Some analysts see the aviation business being worth as much as $100 billion. Tusa believes that the real value is around a third of that. "Given a myriad of moving parts outside of just historical performance, we believe there is justification for a materially lower equity value and see a business that is closer to its best days being behind it than in front. Our in-depth review of the business suggests a value closer to $30 [billion]," Tusa said in early October.The analyst believes that GE Aviation is operating at peak performance. He expects future sales to be not nearly as rosy. Essentially, investors are overestimating the division's growth prospects and underestimating their risks. This doesn't even take into account its troubles making money from its renewable energy segment, ongoing pension issues, or the slimming down of GE Capital. The Bottom Line on GE Stock As Tusa has recommended, investors would be wise to wait and see what happens to free cash flow in 2020 before jumping into GE stock.My last article on GE in September, which focused on the company's asbestos problems, finished by stating GE remains a terrible investment idea for investors wanting to make a lot of money over the long haul.While there was some good news in GE's Q3 2019 report, it's important to remember that its stock is still trading below where it was when Larry Culp took the job. Whether you consider Culp's time as CEO a success or failure depends on whether you see the glass half full or half empty. For me, it's still half empty. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Under-the-Radar Retail Stocks to Buy Now * 7 Specialty Retail Stocks to Buy Now * 5 Cannabis Stocks With "Lit" Growth Prospects The post GE Stock: Is the Glass Half Full or Half Empty? appeared first on InvestorPlace.

  • Benzinga

    GE Aviation Leasing Arm Changes CEO

    General Electric Company  (NYSE: GE ) on Wednesday promoted Greg Conlon to president and CEO of its aviation finance and leasing arm to replace Alec Burger, who will continue as head of GE Capital and ...

  • Reuters

    Brexit impasse takes its toll on British business investment

    As uncertainty over Brexit spills into its fourth year, Swiftool Precision Engineering has taken a tough investment decision: it will press ahead with a plan to spend 250,000 pounds ($323,000) on a 3D printer but a new workshop roof will have to wait. Like many British companies, the small, family-owned firm which makes parts for aircraft engines and offshore oil wells wants more clarity on what leaving the European Union might mean for its business before carrying out all its investment plans. "You become more mindful," director Sam Handley said at the company's workshops, near Mansfield in central England, where it employs 126 people.

  • GE’s Culp makes rare appearance in Charlestown to welcome wind turbine blade
    American City Business Journals

    GE’s Culp makes rare appearance in Charlestown to welcome wind turbine blade

    A 107-meter blade — one part of a powerful offshore wind turbine — is now residing in Charlestown inside a state-owned facility that tests whether it can survive 25 years at sea.