Boston, MA 12/18/2013 (wallstreetpr) – General Electric Company (NYSE:GE) the multi-dimensional company, ended its old legal battle of 5 years with Mitsubishi and signed an $800 million deal with VietJet air careers.
The main producer of the wind turbines in the United States, General Electric Company and Mitsubishi Heavy Industries Ltd. have agreed to close all lawsuits of patent infringement related to wind-turbine technology by permitting cross-licensing in the United States. As per the statement of Mitsubishi, both the companies have decided that they will not announce the details of the agreed settlement.
The company, General Electric Co. had filed a complaint with the Unites States ITC (International Trade Commission) in the year 2008. According to the statement made by Mitsubishi, General Electric charged 2.4 MW turbines of Mitsubishi of patent infringement. In the year 2009, GE filed a suit against the company with a district court in Texas and then another suit in the year 2010. In the same year 2010, Mitsubishi Heavy filed 2 lawsuits with district courts in Arkansas and Florida.
Deal With VietJet
VietJet Air, a budget carrier of Vietnam on Monday, approved a deal of $800 million with a joint venture between Snecma, Safran SA unit of France, CFM International and General Electric. According to the deal, the Vietnamese carrier will buy forty engines from both of the firms. The representatives of GE and CFM jointly signed the $800 million agreement in Hanoi, the Vietnamese capital. The deal includes 28 engines for the Airbus A320 and rest of the 12 engines for the Airbus A321 models.
This deal confirms VietJet has a huge expansion plan. This is because recently, it entered into a $9 billion agreement with Airbus to purchase about 92 jets, basically A320s. These jets were to be delivered over a period of 8 years.
The deal is an overall win-win for General Electric and thus it ended its patent lawsuits with Mitsubishi.