General Electric’s new chief executive, Larry Culp—who took over in October 2018—sold off most of its life sciences business. It’s the biggest sign yet of the company’s breakup. Reuters reports that the company has lost two-thirds of its market share over the last two years. Biopharma produced around US$3 billion in revenue for GE last year. GE will receive US$20 billion in net proceeds from the sale, which it will put toward its debt. (CNBC)
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General Electric’s new chief executive, Larry Culp—who took over in October 2018—sold off most of its life sciences business. It’s the biggest sign yet of the company’s breakup. Reuters reports that the company has lost two-thirds of its market share over the last two years. Biopharma produced around US$3 billion in revenue for GE last year. GE will receive US$20 billion in net proceeds from the sale, which it will put toward its debt. (CNBC)
Talking point: GE has been struggling since the 2008 recession, and said in June 2018 that it would slash US$25 billion from its debt. Selling off its businesses has been part of this effort. Last year, it sold part of its US$1.5-billion healthcare equipment finance portfolio to TIAA Bank; it also sold its lighting business Current to American Industrial Partners. GE’s stock closed up six percent.
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