General Electric (GE) has changed its original strategy and will now aim to sell nearly half of its healthcare unit, GE Healthcare, according to GE CEO Larry Culp. The company originally said it would be selling just 20 percent of GE Healthcare.
The bombshell came during a conference call Thursday, Jan. 31. “We expect to monetize just up to under 50 percent of our healthcare business,” Culp said, according to a report from CNBC. Culp added that GE hopes to raise approximately $50 billion through monetizing GE Healthcare and making some additional planned moves.
After a string of disappointments for GE, is this the beginning of a real turnaround? Some on Wall Street appear to think so. GE’s stocks had a strong day due to a fourth quarter that went much better than analysts had expected. Separate reporting from CNBC on the company’s big day on Wall Street can be read here.
Not all market analysts are convinced GE has turned a corner, however. Bloomberg’s Brooke Sutherland, for example, wrote that the company still has a long way to go.