GE Unit And Schindler Collaborate For Digital Solutions

GE Digital – a unit of General Electric Company (NYSE:GE) – recently announced that it has formed a strategic alliance with Schindler to utilize the full potential of the Industrial Internet for digital innovations in elevators, escalators and smart buildings.

About Schindler Group

Founded in Switzerland in 1874, the Schindler Group is a manufacturer of escalators, elevators and moving walkways worldwide. The company provides its services to residential, commercial and high-rise buildings. Its business is spread over 140 countries and employs over 56,000 people worldwide. Schindler has its production facilities in Brazil, China, Slovakia, Spain, Switzerland, India and the USA.

The Deal

Schindler will leverage General Electrics’ Predix platform to enhance its capabilities to monitor and analyze data generated from its connected elevators, escalators and PORT Technology.

General Electrics’ Predix-based digital platform will help Schindler to identify, analyze and resolve service issues way before they happen. This will in turn help reduce and eliminate downtime and improve user experience.

This partnership will help Schindler boost its digitization strategy. It will also help General Electric to augment its product portfolio and further expand its client base across various markets.

This partnership is likely to deliver premium digital solutions powering urban mobility. In addition, using General Electric’s Predix industrial operating system, Schindler will be well positioned to becoming the digital industrial leader in the elevator and escalator market.

GE Digital

General Electric is one of the largest and the most diversified technology and financial services firms in the world. Its products and services range from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, and industrial products.

GE Digital connects streams of machine data to powerful analytics and people, providing industrial companies with valuable insights to manage assets and operations more efficiently. The company leverages Predix, its industrial cloud platform, purpose-built for the demanding safety & security needs of industrials.

We are encouraged by the strategic deal of this Zacks Rank #4 (Sell) stock. Some better-ranked companies in the industry include Honeywell International Inc. (NYSE:HON) , Carlisle Companies Incorporated (NYSE:CSL) and Leucadia National Corporation (NYSE:LUK) , each carrying a Zacks Rank #2 (Buy).