General Electric’s (GE) healthcare unit, said on Thursday it was hiring more staff and shifting employees to boost the production of ventilators to meet the growing demand for medical equipment as the coronavirus pandemic spreads across the globe.
The healthcare giant is also adding manufacturing lines to ventilator production and increasing the number of shifts to produce around the clock.
General Electric shares fell 6.8% to $6.60 in U.S. trading on Wednesday. The majority of analysts view the stock as a Buy and the remainder as a Hold, leading to a consensus rating of a Moderate Buy with an average price target of $12.65 per share. (See Stock Analysis on TipRanks)
“To help address this global challenge, we have increased our manufacturing capacity and output of equipment – including CTs, ultrasound devices, mobile X-ray systems, patient monitors and ventilators – important in the diagnosis and treatment of COVID-19 patients,” said GE Healthcare President & CEO Kieran Murphy in a statement. “There is unprecedented demand for medical equipment, including ventilators.”
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