General Electric Company
) recently issued the progress report on the environmental
dredging project on the Upper Hudson River in New York. The
project is scheduled to be completed in 2016.
Dredging is usually carried out in shallow seas or fresh water
areas with the purpose of gathering up bottom sediments and
disposing them at a different location.
General Electric has spent more than $1 billion for
implementation of this project, which is overseen by the U.S.
Environmental Protection Agency (EPA).
General Electric removed 1.9 million cubic yards of contaminated
sediments, about 70% of the expected total. Dredging is expected
to continue for two more seasons, followed by a third season
restoring habitat. The EPA believes that dredging will clean the
river of Polychlorinated biphenyls (PCB) contamination.
The project is in sync with the agency's clean-up goals and
protects human health and maintains the sanctity of the
environment. This dredging project is expected to resolve the
remedial liabilities of Hudson River.
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General Electric is one of the largest and most diversified
technology and financial services corporations in the world with
products and services ranging from aircraft engines, power
generation, water processing, and security technology to medical
imaging, business and consumer financing, media content, and
industrial products. Its segments include Energy Infrastructure,
Aviation, Healthcare, Transportation, Home & Business
Solutions and GE Capital.
General Electric currently has a Zacks Rank #3 (Hold).
Better-ranked stocks in the industry include
Hutchison Whampoa Ltd
Raven Industries Inc
). All these stocks carry a Zacks Rank #2 (Buy).