At the US industrial group General Electric (GE), once a tough competitor of Siemens, skepticism is growing due to ongoing supply chain problems and growing price pressure. “We’re sticking to our January guidance, but it’s currently towards the lower end of the range,” said CEO Larry Culp. This is especially true for profit. “We’re struggling with inflation and other pressures that are developing,” Culp said. He referred to the war in Ukraine and the recent corona lockdowns in China, which, together with the delivery difficulties, had dampened sales growth by six percent in the first quarter. Now the camps are to be increased. At the beginning of the year, Culp had forecast sales growth in the high single-digit percentage range for 2022. GE shut down business in Russia after the invasion of Ukraine. Although it contributes less than two percent to sales group-wide, it is significantly more in the energy technology division.
Supply Chains – Problems at General Electric – Economy
