GE looking to sell $7bn transportation business
Leading US industrial conglomerate General Electric (GE) is reportedly looking to offload its transportation business in the aim of streamlining its management workload.
According to a report from the Wall Street Journal, GE is exploring hybrid deals with a number of public companies that would include the combining of assets in the aim of avoiding a significant tax hit, in addition to spinning off the unit in an initial public offering (IPO).
If the company does pursue a hybrid deal, GE shareholders would then own stakes in multiple companies.
The planned sale comes after GE CEO John Flanney announced last year that the company would undertake a significant restructuring plan, looking to shed up to $20bn worth of assets.
GE is reportedly looking to streamline its business with a focus on its three key industry operations – aviation, healthcare and power – whilst selling off the majority of its other operations in the aim of bolstering its waning financial position.