Friday, 16 November, 2018

GE to focus on aviation, power and renewable energy

GE to focus on aviation, power and renewable energy GE to focus on aviation, power and renewable energy
Anna Jefferson | 28 June, 2018, 21:27

Cash-strapped GE revealed plans on Tuesday to spin off its health care business and sell its stake in oil and gas company Baker Hughes. Some of the management experts who spoke to Business Today were responding to the move by GE.

The remaining businesses "share similar technologies and industrial markets, in contrast to limited synergies that exist with GE Healthcare", Fitch analyst Eric Ause said in a note.

There is already interest in GE's two gems - its healthcare unit and Baker Hughes - but each has complications preventing an outright sale.

The changes are created to reward battered shareholders and to strengthen GE's balance sheet by reducing debt, building up cash and further shrinking GE Capital, the company said.

Flannery said putting GE Healthcare and Baker Hughes outside its current structure will benefit all parties. Aviation has been highly profitable, but the power business profit has tumbled as sales of plants and services have slowed, and renewable energy profit margins are in the single digits.

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GE continues to work to make GE Capital smaller and more focused on supporting its core industrial businesses. Its Oilfield Services segment offers drilling, wireline, evaluation, completion, production, and intervention services; and drilling and completions fluids, completions tools and systems, wellbore intervention tools and services, artificial lift systems, pressure pumping systems, and oilfield and industrial chemicals for integrated oil and natural gas, and oilfield service companies for onshore and offshore operations.

The moves continue a radical reshaping of GE, which bears little resemblance to the conglomerate that used to count NBC, home-appliances, plastics and a sprawling finance unit among its business holdings.

The company will instead focus on its core businesses of power, aviation and renewable energy, which accounted for more than half of the company's $122 billion in revenue past year, mainly through the sale of turbines to power plans and engines to jet makers. After that, GE "expects to adjust the GE dividend with a target dividend policy in line with industrial peers". Baker Hughes A GE's dividend payout ratio (DPR) is now 138.46%. On Tuesday, GE said that those asset sales are essentially complete.

The company announced in April it had set aside $1.5 billion in reserves for possible settlement with the Justice Department stemming from the subprime activities at GE Capital - which the company said Tuesday would also slash assets by $25 billion. The change is effective today. CEO, joined the board earlier this year. I would like to thank him for his advice and stewardship through a period of significant change for GE. "But we've also seen companies go into revenue purgatory". Things got worse for GE in January, when it disclosed that the Securities and Exchange Commission was investigating the company's accounting after a $6.2 billion loss in its insurance business.

The news comes a day after GE agreed to sell its distributed power unit for $3.25 billion to USA buyout group Advent. We will now move forward with objective to make our company simpler and stronger and accelerate growth across our businesses. He expressed confidence that the new plans together with previous changes will lead to improved operating results and increased shareholder value going forward. "This transaction not only accelerates our reinvestment in our business, but also enables Distributed Power to be best positioned to pursue its growth strategy".

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