General Electric Co. said on Sept. 20 that four of its new flagship power turbines in the United States have been shut down due to an “oxidation issue” and warned it expects the problem to affect more of the 51 units it has shipped, sending shares lower.
The giant machines form the beating heart of billion-dollar electricity plants around the world. Analysts consider GE’s success with the new turbines, known as the HA class, critical to rescuing its power division from a steep decline in sales and profits.
