Immelt Set Up for Industrial Deals As GE Pivots From Finance Business
New York — Jeffrey Immelt, poised for the biggest restructuring push on his watch at General Electric, is plotting acquisitions to complement an industrial portfolio spanning jet engines to locomotives to oilfield equipment. With GE planning to sell the bulk of the GE Capital unit, Immelt said he will spend as much as $5 billion a year to expand the manufacturing units. GE’s chief executive officer is getting a start on building up...
GE to Restructure Lending Business
New York — General Electric is leaving the lending business, a major source of both profit and risk, as it continues to whittle its focus down to an industrial core. The company said Friday that it will sell most of its GE Capital assets over the next two years, shedding businesses in a sector where it has had a tough time generating acceptable returns. GE also plans to repurchase as much as $50 billion of its own stock. Shares of GE...
