GE to focus on three key units, exit most other operations

Biphoo

13 Nov 2017

41 Views

GE to focus on three key units, exit most other operations

General Electric Co’s (GE.N) Chief Executive John Flannery plans to disclose a road map for the company on Monday that will focus on three of its biggest business lines - aviation, power and healthcare, the Wall Street Journal reported, citing a person familiar with the matter.

The report also says the plan stops short of a breakup or more radical restructuring of the 125-year-old company, but Flannery will look to exit most of its other operations.

The Boston-based company also plans to shed its majority stake in Baker Hughes (BHGE.N), which became a separate public company in July after merging with GE’s oil and gas operations, the report said.

GE could not be reached for comment outside regular business hours.

GE was reported to be laying off sales staff and other employees in its software division, according to sources, last week, ahead of Flannery’s expected announcement on Monday of a plan to slash costs and jettison units in an effort to improve the company’s profits.

Source:- https://www.reuters.com/article/us-ge-review-stocks/membership-revoked-veteran-ges-spot-in-exclusive-dow-may-be-shaky-idUSKBN1DC0F3

Biphoo

13 Nov 2017

41 Views

Tagged as

GE to focus on three key units

exit most other operations