by Thomas Dworetzky
, Contributing Reporter | February 25, 2019
Culp is struggling to slash massive corporate debt, and the unit spinoff is just part of a larger plan. During the conference call Culp advised that a variety of spinoffs could generate as much as $50 billion.
What makes offloading the healthcare unit attractive is that its IPO, which could happen this year, would let GE return to a tighter orientation revolving around its industrial and energy roots. Also, the unit is a major player in its space, with $3.6 billion of profits on revenues of roughly $21 billion last year.
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In mid-December, 2018, GE filed paperwork for the IPO
, and was working with Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley on the listing, according to Bloomberg.
When reached for comment at that time, GE Healthcare stressed that it was not confirming details.
“As we announced in June, GE intends to separate its Healthcare business, but we have not confirmed the form or timing," a spokesperson told HCB News. "As an independent global healthcare business, GE Healthcare will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry, and invest in innovation.”
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