Take it back,GE is looking to sell lighting division found this!
GE’s results clearly indicate the shifting focus of the company from its finance wing to its industrial business. In line with CEO Jeff Immelt's strategy, GE Capital continued to shrink. Excluding cash and cash equivalents, the ENI stood at $371 billion, down 5% compared to the previous year. The company plans to spin off its North American Retail Finance business and then make it’s a separate publicly traded entity. The entire process is targeted to get over by the end of July this year. GE intends to part with 15% of the unit and thus raise $3.1 billion in the process.
The company is also said to be in talks with multiple parties to sell off its Appliacnes & Lighting division. During 2013, the segment had contributed only 6% to the total segment revenues and less than 2% to the segment profits. Like I already mentioned, Jeff wants GE to become lean and agile and in order for that to happen, he is ready to do away with any division that doesn’t contribute massively and isn’t considered a core component.
So, a lot of restructuring is going on at GE. The deal with Alstom got acceptance from both Alstom board and the French government during the quarter, and according to sources familiar with the matter, all activities related to the transition are on track and should be completed by 2015. GE expects the synergies will add another $0.06 to $0.09 to GE’s EPS.
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