GE completed the acquisition of Alstomʼs power business last November. 

Pre-tax profits of the company rose to HUF 4.415 tln in 2015 from HUF 304 billion a year before, and the unitʼs tax burden rose to HUF 585 bln from HUF 64 bln, GE Hungary CFO Farkas Bársony said, citing consolidated, unaudited data.

Bársony noted that GE had spent HUF 30 bln a year on investments in Hungary in the past few years and initiated several strategic projects.

GE Hungary has twelve manufacturing plants and five R&D centers in the country, it employs more than 10,000 people, and operates three regional business centers.

GE noted in its 2015 annual report that a “substantial portion”
of the benefit related to business operations subject to tax in countries where the tax on that income is lower than the statutory rate in the United States is derived from its GECAS aircraft leasing operations located in Ireland and from its Power Services manufacturing operations located in Hungary. GE put the benefit in 2015 of lower foreign tax rates on indefinitely reinvested non-U.S. earnings at $1.1 bln in its report.