![]() ![]() The division announced plans in December to cut 12,000 jobs. Profit at GE Power has plunged in recent quarters as power plants switch from coal and natural gas to renewable energy. GE's cash problems have deepened because of the struggles of its power division. Related: Why GE may need to stop paying its dividend after 119 years More businesses could be on the auction block, especially as GE faces questions about whether it can afford to keep paying its dividend. Flannery also agreed to sell GE Transportation, its 111-year-old railroad division, to Wabtech ( WAB) for $11 billion. ![]() Under Flannery, GE has searched for a buyer for the storied light bulb unit that Thomas Edison founded. GE's cash crisis has forced new CEO John Flannery to accelerate the dismantling of the company that once owned a leading appliance maker, a film studio and NBC. Special report: Inside the dismantling of GE A spokesperson for the former CEO previously told CNNMoney that while some deals turned GE businesses into "undisputed leaders in their industries," a "handful" over the past two decades "did not perform as planned." And Immelt brought Waukesha into the GE family in 2011 when he completed the $3 billion purchase of Dresser, a Dallas oil and gas equipment maker. GE acquired Austria-based Jenbacher, which has roots as far back as the 15th century, under Immelt in 2003. By unloading the distributed power business, GE is effectively undoing two deals made by former CEO Jeff Immelt, whose tenure has been heavily criticized by analysts.
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