General Electric Company (NYSE:GE) stock trading high, Citigroup Inc (NYSE:C)
General Electric Company (NYSE:GE) is trading up by 0.95% to trade at $23.46. Osram Licht AG (OSR) is a wholly owned subsidiary of General Electric. Osram announced today that before considering acquisition it would complete restructuring.
Osram was spun off by Munich-based Siemens AG (SIE). Osram was valued at 3.23 billion euros by Siemens, and was spun off with the intention of divesting units with low profitability or lower growth prospects. Investors received one share of Osram for every 10 shares of Siemens.
Osram had acquired lighting fixtures specialist Siteco for a total value of 254 milliion euros in the year 2011, and recorded a 192 million euros charges in the unit in the previous year.
The company is aiming to bring its purchases back on track keeping the plan the company had when it had purchased them.
Citigroup Inc (NYSE:C) has elected two directors on July 8, Gary Reiner who was earlier working as a chief information officer at General Electric and another director James Turlery who was earlier working as a chairman and Chief Executive Officer at Ernst & Young. Mike O’Neill Chairman of Citigroup had recently announced the company might elect around three new directors to its existing 11 member board with an intention to add greater skills and to distribute the workload amongst the directors.
Gary Reiner served as chief information officer at General Electric from 1996 to 2010, when he joined private equity firm General Atlantic LLC, as an operating partner.
James Turlery served at Ernst & Young from 2001 until his retirement and joined Citigroup’s board’s audit committee. The Board of Citigroup had been looking for directors with expertise in technology so that they could monitor the bank’s efforts that would help integrate and improve its information systems.