GE to focus on aviation, power and renewable energy

GE to focus on aviation, power and renewable energy

General Electric on Tuesday unveiled a simpler, leaner company that will focus on power, aviation and renewable energy.

The plans, which also included separating GE Healthcare as a standalone company, were unanimously approved by the company's board of directors today.

A more accurate appraisal from Flannery came in response to a question about whether more moves can be expected. Melius Research called GE's "break-up" plan "logical". During the same period last year, the firm posted ($0.23) earnings per share. equities analysts predict that Baker Hughes A GE Co will post 0.78 EPS for the current year. The turnaround plan was announced by GE on the same day of the company's removal from the Dow Jones Industrial Average.

The 126-year-old company, which was once the most valuable U.S. corporation, will spin off the profitable healthcare unit over the next 12 to 18 months, and sell its Baker Hughes stake over two to three years.

After the new strategy was announced on Tuesday, GE shares were up more than 5 percent at 7:39 a.m. EDT in pre-market trade.

Kieran Murphy, president and CEO of GE Healthcare, will continue to lead GE Healthcare as a stand-alone company, maintaining the GE brand.

GE previously unveiled the sale of smaller businesses, such as a health IT division and its electrification products. "It's quite the opposite".

GE has been expanding its network of command centers that gather real-time data to help health systems streamline the flow of patients, reduce wait times, balance staff workload and improve other processes aimed at standardizing clinical practices.

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Flannery added, "GE Healthcare is an industry leader with financial strength, global scale and cutting-edge technology".

GE is betting that these sweeping changes will strengthen its balance sheet. Instead, it will focus on aviation, power and renewable energy. The company grew rapidly over the coming decades, and after World War II moved its headquarters and manufacturing to the Milwaukee area.

"We are finished", Flannery said. "If it changes, great, but don't hope". Siemens spun off its Siemens Healthineers unit as an independent company earlier this year, and Toshiba Medical Systems was sold to Canon in late 2016.

GE would sell 20 percent of the health care unit and distribute the rest to its shareholders over the next 12 to 18 months, the paper said. GE also has agreed to shed its transportation unit, which makes railroad locomotives.

The industrial conglomerate bought Baker Hughes in July 2017 and combined it with its oil and gas equipment and services operations to create a new company in which GE holds an ownership interest of about 62.5 percent. The unit reported sales of US$17.23 billion in 2017. This week it lost its place in the Dow Jones Index of 30 top USA companies after 110 years.

Current shareholders will get GE stock representing the healthcare unit, which had $19 billion in revenue past year and grew by 5%, and a profitable jet engine unit with $15 billion in cash on the balance sheet.

GE likely will divest its interest through a series of share sales rather than a corporate buyout, says Seaport Global's Sonny Randhawa, since "the only buyers would be Halliburton or Schlumberger and neither of those would get regulatory approval". The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. Baker Hughes A GE's revenue was up 1.4% compared to the same quarter previous year.

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