Name: Breakingviews TV: GE split
Uploaded: 2021-03-12T21:05:25.000Z
Duration: 1 min 53 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

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G E just took a big step towards being a smaller, simpler company.

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Mm, the American industrial icon that makes Jets turbines another expensive bits of machinery struck a deal on Wednesday to split off about $34 billion of airplane leases, merging them with islands, air cut and taking shares in the new company in return.

If it all goes through, GE will get about $30 billion of cash it can use to pay down its debts of around $100 billion.

Now this is all part of a long running saga of GE trying to slim down decades after its huge and basically disastrous foray into financial services.

Larry Culp, who is the chief executive, took over in 2018, and he's been selling bits and pieces like GE's Bio Pharma business shares it holds in oil services company Baker Hughes.

And even getting rid of GS Lightbulb business, which was once its most famous product, did shareholders thank him for Wednesday's deal.

The shares fell that day, and they fell the next day to one reason is undoubtedly the G E is effectively selling those aircraft leases on the cheap it's going to take a $3 billion loss as a result.

Another is that GE specializes in these kind of long, protracted goodbyes.

It's still going to hold on to almost half of the airline leasing company, which it says is worth about $6 billion and can sell over time.

But it took three years just to sell those light bulbs after the company first said it was going to do so in 2017.

Now Cult has a really good reason to keep forging ahead.

His bonus package could make him about $230 million richer if he can get the share price up to around $17 and keep it there.

That's about a third higher than where the shares are as I speak these words.

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Breakingviews TV: GE split

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