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WSJ: GE exploring exit from railroad business

Published 10/26/2017, 11:35 AM
© Reuters. WSJ: GE exploring exit from railroad business
GE
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  • General Electric (GE -0.3%) is looking to sell, spin off or partner its century-old railroad business, WSJ reports, as a major part of new CEO John Flannery’s plans to divest more than $20B worth of assets in the next two years.
  • GE is one of the world’s biggest makers of freight locomotives, but the business is cyclical and has been suffering lately from slack demand, and the unit's revenue has declined 8% and profits have dropped 15% in the first nine months of 2017.
  • It is not clear what the transportation business may be worth or what other units GE is looking to jettison, according to the report; the division accounted for $4.7B of GE’s total $123.7B in revenue last year.
  • Shares nevertheless are lower again and may be headed for their worst weekly performance since plummeting 11.5% during the week ending May 15, 2009.
  • Now read: General Electric: What We Do Know


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