GE sees $6.7 bn in acquisitions by year-end

US industrial conglomerate General Electric expects to spend about $6.7 billion in acquisitions through the rest of the year, GE chief executive Jeffrey Immelt said Wednesday.

In a presentation to analysts, Immelt noted the company had planned $10 billion in targeted acquisitions in 2013.

In April GE agreed to buy Lufkin Industries, which provides artificial lift technologies for the oil and gas industry, for $3.3 billion.

Immelt said the company intends to slow the pace of acquisitions beginning in 2014 to about $3-5 billion a year.

The Fairfield, Connecticut-based sprawling conglomerate, whose portfolio includes aircraft engines, home appliances, financial services and utility operation systems, set an acquisition strategy last year to boost company growth.

Last December, GE agreed to buy the aviation business of Avio, an Italy-based manufacturer which provides components for GE Aviation and other engine companies, for $4.3 billion.

Dow member GE shares rose 0.9 percent to $23.86 in New York trade, bucking the 0.52 percent drop in the 30-stock Dow Jones Industrial Average.