GE Splits $50 Billion Energy Business into Three Standalone Businesses
JOHANNESBURG--July 24, 2012--Written by Richard Finlayson, Senior International Editor for Industrial Info (Sugar Land, Texas)--General Electric Company (NYSE:GE) (GE) (Fairfield, Connecticut) announced a reorganization of its energy business. Chairman and CEO Jeff Immelt said, "Big companies are always fighting organizational complexity. We are taking action at a time when the energy business is doing well. The business had a solid quarter, with earnings up 13%, and has a big backlog of great products. Removing layers is one way to reduce costs and increase our speed, focus and agility in the market place so we serve customers better."