General Electric Company (GE - Free Report) recently issued the progress report on the environmental dredging project on the Upper Hudson River in New York. The project is scheduled to be completed in 2016.
Dredging is usually carried out in shallow seas or fresh water areas with the purpose of gathering up bottom sediments and disposing them at a different location.
General Electric has spent more than $1 billion for implementation of this project, which is overseen by the U.S. Environmental Protection Agency (EPA).
General Electric removed 1.9 million cubic yards of contaminated sediments, about 70% of the expected total. Dredging is expected to continue for two more seasons, followed by a third season restoring habitat. The EPA believes that dredging will clean the river of Polychlorinated biphenyls (PCB) contamination.
The project is in sync with the agency’s clean-up goals and protects human health and maintains the sanctity of the environment. This dredging project is expected to resolve the remedial liabilities of Hudson River.
General Electric is one of the largest and most diversified technology and financial services corporations in the world with products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and industrial products. Its segments include Energy Infrastructure, Aviation, Healthcare, Transportation, Home & Business Solutions and GE Capital.
General Electric currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include ITT Corp. (ITT - Free Report) , Hutchison Whampoa Ltd and Raven Industries Inc . All these stocks carry a Zacks Rank #2 (Buy).