GE to make $500 million productivity savings from industrial internet

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General Electric Co will make $500 million of productivity savings in 2016 from using industrial internet applications, a company executive said on Wednesday.

GE Chief Digital Officer Bill Ruh made the comments at a press conference in Shanghai, where the company also announced a partnership with China’s Huawei Technologies [HWT.UL] to develop its industrial internet strategy.

GE, the world’s biggest maker of jet engines and diesel locomotives, wants to connect machines using the internet, producing data that can improve productivity, reduce emissions and lower fuel costs.

It also launched a digital space in Shanghai on Wednesday where it plans to incubate new start-ups and have developers work on new software applications.

(Reporting by Brenda Goh; Writing by Ben Blanchard; Editing by Stephen Coates)