General Electric Co (GE.N) on Wednesday said it would partner with Huawei Technologies Co Ltd [HWT.UL] to develop smart machines designed to boost productivity, part of a drive to promote its "industrial internet" business in China.
The U.S. industrial giant announced the partnership as it launched an $11 million digital space in Shanghai, where it plans to incubate start-ups and have developers work on new software applications to make machines more intelligent.
The move is part of GE's ambitious plans to lead a productivity revolution in global industry by combining machinery with analytics, after selling off its financial assets and embarking on a major restructuring.
Chief Digital Officer Bill Ruh said the world's biggest maker of jet engines and diesel locomotives had already made $500 million in productivity savings for itself this year by using smarter machines, and he expected this to grow to $1 billion in total by 2020.
"Once we got it right for ourselves we take it to our customers ... We're bringing this to China, we're open for business in China today to be able to do this," he said at a company event in Shanghai.
GE is investing $500 million annually in...Read More HERE