Published: Dec 14, 2016 5:55 p.m. ET
In a presentation Wednesday for financial analysts, GE said it plans to sell its Industrial Solutions business, which supplies equipment to the electrical distribution and grid industries, as well as its GE Water business. The two units combined account for $5 billion in annual revenue.
Chief Executive Jeff lmmelt said the company is still on track to hit a key investor target: earnings of $2 per share in 2018. To get there, the company will add new sources of revenue, including through a proposed tie-up of its oil and gas business with Baker Hughes Inc., and cut back on costs.
Mr. Immelt also said he is overhauling the way GE makes its industrial products, expanding use of 3-D printing to manufacture parts in its jet engine business, and snapping up software startups as it tries to build its GE Digital business.
Looking back at previous GE efforts like adopting Six Sigma, a management improvement system made famous by former GE CEO Jack Welch, Mr. lmmelt said: "If you put yourself in my shoes additive manufacturing makes a s---load more sense than Six Sigma did. I was there the first day we did Six Sigma; it made no sense to me."
Mr. lmmelt offered a defense of globalization -- a subject he has addressed regularly over the past year, as politicians like President-elect Donald Trump have lashed out at GE's corporate and industrial peers for shifting U.S. jobs across borders in search of labor savings.
-- the very corporate actions that have triggered political backlash from Mr. Trump and others.
GE is seeking $100 million a year in new cost-cuts from "rationalizing" its facilities, he said. After a spate of acquisitions. including that of Alstom SA's power business as well as Baker Hughes Inc., GE now has 150 million square feet of factory space world-wide, which Mr. lmmelt suggested was ample room to seek new cuts.
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