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GE to Spin Off Healthcare Division
June 26, 2018
After a year of soul searching and strategic review, GE announced its move today to spin off GE Healthcare into a standalone company over the next 12 to 18 months. The goal, the company said, is a leaner corporate structure with substantial reductions in debt.
Healthcare is one of eight businesses GE operates that also include power, oil and gas, renewable energy, lighting, aviation, transportation, and specialty industrial financing (GE Capital). Going forward, GE corporate will focus on Aviation, Power and Renewable Energy, “creating a simpler, stronger, leading high-tech Industrial company.” The combining of its Transportation business with Wabtec is pending.
This break up of corporate giant comes days after GE was delisted from Dow Jones Industrials Index. The financial community applauded the move, with GE shares jumping 5.2 percent at $13.41 in premarket trading.
The spinoff of the healthcare unit mimics a similar move by rival Siemens that transitioned its healthcare business into a separately operated unit, Siemens Healthineers, in March.
While GE Healthcare is not offering comment on the move, in a statement they said GE Healthcare “will continue to focus on delivering precision health and improving clinical, operational and patient outcomes for our customers, offering great technology, underpinned by leading digital and analytics capabilities.”
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