G.E. to Break Up in Latest Effort to Revive an Iconic Company
The New York Times
The company has already moved to wind down its once vast financial arm and spin out or sell various businesses under pressure from investors.
General Electric, the iconic industrial corporation of the late 20th century, once a powerful conglomerate renowned for its management prowess, is making a final break with its storied past.
The 129-year-old company announced on Tuesday that it planned to split itself into three publicly traded businesses, a remarkable change at a company whose reach into American life once extended from light bulbs in the home to the engines on jet airplanes.
In a conference call with analysts, H. Lawrence Culp, an outsider brought in as chief executive three years ago, described the planned breakup as a “defining moment” for G.E. and the culmination of his effort to remake it as a “more focused, simpler, stronger high-tech industrial company.”
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