FAIRFIELD (dpa-AFX) - General Electric (GE) plans to sell off almost half of its health unit, as the beleaguered conglomerate strives to make money and lower its debt.
GE CEO Larry Culp, during a earnings call, said, 'We expect to monetize just up to under 50 percent of our health-care business.' The health unit 'continues to prepare for public company separation, and that is progressing very well,' he added
GE initially announced its plan to spin off GE Healthcare last June. At the time, then-CEO John Flannery said GE would sell 20 percent of GE Healthcare and distribute the remaining 80 percent to shareholders tax-free. However, Culp has now confirmed that GE plans to divest more than 20 percent.
Culp said that GE Healthcare, along with its other planned spin offs, could 'provide sources of roughly $50 billion.'
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