Energy Efficiency, Industrial, Sourcing Renewables - June 28, 2018
GE focuses growth on renewable energy
GE announced on June 26 that, following a strategic review, the company will focus on aviation, power, and renewable energy.
In a statement from the company, John Flannery, chairman and CEO of GE, said, "Today marks an important milestone in GE’s history. We are aggressively driving forward as an aviation, power and renewable energy company—three highly complementary businesses poised for future growth. We will continue to improve our operations and balance sheet as we make GE simpler and stronger."
Describing the company’s new strategy, the statement said, "GE will be a focused high-tech industrial company that will be easier for investors to follow and measure with a significantly improved balance sheet to support its remaining businesses:
- GE’s energy strategy, driven by GE Power and GE Renewable Energy, is based on offering a full range of energy solutions across the electricity value chain that bring affordable, reliable, efficient energy to businesses and consumers. GE powers more than one-third of the world’s electricity and has a valuable installed base of approximately 7,000 gas turbines, with a track record of increasing productivity.
- GE Aviation: GE technology powers two out of every three commercial departures around the world and GE’s global installed base includes more than 65,000 engines.
- GE will continue to invest for the future and lead in innovative technologies like additive manufacturing and digital to lead the next wave of industrial productivity
In other changes, GE Healthcare will continue as a standalone company, maintaining the GE brand, while GE Capital will become more focused on supporting its smaller industrial businesses and Baker Hughes will fully separate from GE. The company expects to form “a leaner corporate structure with $500+ million in savings.”
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