General Electric Trying To Jettison Railroad And Healthcare Divisions, Down 32% YTD $GE

zeropointnow Thu Oct 26, 2017 1:53pm EST 1 Comment

Boston-based General Electric ($GE) is trying to jettison its transportation and healthcare technology-related, CNBC reports.

GE is looking to partner, spin off or possibly sell operations which primarily produce diesel-powered locomotives and railroad equipment, the sources said in the report. The business is one of the industrial conglomerate’s oldest and reported $4.7 billion in revenue last year.

The move is a major part of new CEO John Flannery’s two-year plan to divest assets worth more than $20 billion, sources told the Journal.

Reuters also reported the company is “exploring” selling its healthcare information technology business, which includes such brands as API Healthcare and Centricity EMR, according to people familiar with the matter.

Flannery notably moved from GE’s healthcare division to the head of the company, while the head of GE Transportation, Jamie Miller, will become GE’s CFO on November 1 after announcing the departure of current CFO Jeffrey Bornstein on December 31.

GE stock meanwhile is a total shit show – down over 32% YTD with nearly 10% of that in the last five days.