GE Will Not Accept Any New Orders For Business in Iran
General Electric Co. (GE) today announced that it will not accept any new orders for business in Iran. In 2004, GE sold $270 million worth of products to Iran through a foreign subsidiary, including hydroelectric equipment, medical equipment, and oil and gas equipment, through a foreign subsidiary. While the company's operations in Iran are compliant with U.S. law, there have been efforts underway in Congress to pressure U.S. companies from engaging in transactions with Iran. For example, the "Targeting Terrorists More Effectively Act of 2005 (S. 12), which was recently introduced in the Senatewould prohibit any firm "controlled in fact" by an American parent company from doing business with countries that have repeatedly provided support for acts of international terrorism. Halliburton recently announced that it will wind down its Iran operations (see January 30, 2005 posting in International Trade Law News below).