PRZOOM - /newswire/ -
Chicago, IL, United States, 2010/05/04 - General Electric (NYSE: GE) in Malaysia and Bio-XCell Malaysia Sdn. Bhd. signed the memorandum of collaboration at the international launch of Bio-XCell in Chicago today. NYSE: GE
The signing, held in conjunction with BioChicago, reflects the agreement for GE and Bio-XCell to collaborate in developing infrastructure solutions at the Southern Industrial & Logistics Cluster (SiLC) in Nusajaya.
‘’To build world-class ASEAN companies, you have to form world-class partnerships,’’ says Stuart Dean, President & CEO, GE ASEAN. ‘’We’re very proud of our partnership with Bio-XCell and I believe together, we will be able to position Bio-XCell as a premier Biotechnology Park in Malaysia and in the ASEAN region.’’
Part of the Malaysian government’s development plan for the State of Johor in Malaysia known as Iskandar Development Region (IDR), the Bio-XCell project entails the development of a 72.53-acre biotech ecosystem in IDR. The biotech ecosystem will be developed in 3 phases over a span of 6 years, to provide an estimated 1.125 million square feet of dedicated, purpose-built space and facilities for biotech companies.
In 2009, GE Security worked with UEM to supply security solutions to Nusajaya. GE’s other partnerships in Malaysia include joint ventures with Malaysia Airlines and Air Asia to repair and overhaul aircraft engines throughout Asia.
GE Oil & Gas and SAPURACREST, Malaysia’s leading oil & gas service provider, also partnered to further expand and enhance its service centre for the region’s growing oil & gas industry. In the energy business, GE Energy collaborated with East Malaysia’s largest independent power plant, Ranhill Powertron II in developing cleaner and more efficient power generation.
GE Capital, the finance arm of GE, recently listed their five year, $US500 million denominated ‘sukuk’ issuance on Bursa Malaysia, further diversifying the Malaysian market. GE Capital is the first US corporate sukuk issuer to be listed on Bursa Malaysia under the exempt regime.
GE's Healthcare division supplies private and public hospitals with the latest diagnostic imaging equipment and healthcare information systems, while the company's lighting division supports key stadiums and ports.
‘’We’re excited at the opportunity to work closely with Bio-XCell where we’re able to provide them with a range of solutions for their Central Utility Facility and to help Bio-XCell meet complex challenges related to water availability, quality, productivity, cost reductions and meeting environment regulations,’’ says Megat Shahrul Azmir, Regional Marketing Leader (Asia Pacific) of GE Water & Process technologies. ‘’I am also looking forward to gathering up our world-class partners to further provide total solutions for this project.’’ he adds.
Last year, GE in Malaysia recorded solid performance with 11% YTY revenue growth despite the challenging global and regional economic environment with revenues of USD567 million.
GE (ge.com) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide.