The hub is connected to the main shaft which turns a multi-stage system of gears.
General Electric building in Connecticut More General Electric General Electric will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, it said in a statement on Tuesday.
The moves come as part of a broad corporate reorganization that sees GE trying to shore up its balance sheet and streamline its businesses.
General Electric said on Tuesday that it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes as part of a sweeping corporation reorganization.
The company is making these moves in order to focus on aviation, power, and renewable energy, according to a statement. The announcement comes on the heels of a lengthy managerial review conducted by GE management, including newly appointed chief executive officer John Flannery. Meanwhile, the announcement of a divestiture of the company's GE is betting that these sweeping changes will strengthen its balance sheet.
We will continue to improve our operations and balance sheet as we make GE simpler and stronger. It's a major shift from the GE conglomerate of old, which contained a broad collection of disparate businesses.
The two major shake-ups also mark a direct challenge to the legacy of former CEO Jeff Immelt, who was a major proponent of GE Healthcare during its creation, and whose deal for Baker Hughes was one of his final corporate achievements.
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