UNITED STATES – The company is “looking” for its first sale of $ 4 billion in assets as part of its plans to forgo $ 20 billion in assets, denying talks on the sale of shares to raise capital, General Electric’s chief financial officer, Jamie Miller, said.
Miller did not give details of the planned sale of the assets at an investor conference organized by Citigroup in Miami.
Exiting assets could reduce cash flows by less than $ 500 million in 2019 but would have no effect in 2018, she said.
GE said it planned to sell the transport unit, which manufactures rail locomotives, a famous lighting unit that makes bulbs for consumers, and a unit that sells engines, generators, automation equipment and power grids.
Miller said General Electric was not planning a quick sell-off of its 62.5 percent stake in Baker Hughes Oilfield Services before the time limit for the sale was over, reversing its previous position that caused confusion over Baker Hughes.
CEO John Flanery raised speculation last month about splitting the 126-year-old group when it said General Electric was considering “all options.”
Miller said Flanery was talking about the allocation of capital, adding, “We are studying everything. But that does not mean that we do not run the company very well, nor does it mean that other stakeholders are not taken into consideration. ”
Miller warned against raising “more hype” before GE Power recovered from a 45 percent drop in profits last year.
Finance Director 2018 described it as a “year of retrofitting and stability” for the unit that manufactures power plants and equipment.