General Electric (NYSE:GE) said today that it plans to spin out its GE Healthcare subsidiary as a stand-alone, publicly traded entity to focus on its aviation, power and renewable energy businesses.
The Boston-based industrial conglomerate also said it’s planning an “orderly separation” from its 62.5% stake in BHGE oil and gas servicing and equipment unit over the next two to three years.
Little Chalfont, U.K.-based GE Healthcare has long been a bright spot for its parent, consistently posting sales and profit gains despite overall declines at GE. In April division agreed to sell its value-based healthcare division to Veritas Capital for $1.05 billion in cash; that deal is expected to close during the third quarter.
