General Electric is looking for a way to leave the railroad business, The Wall Street Journal reported Thursday, citing people familiar with the matter.
GE is looking to partner, spin off or possibly sell operations which primarily produce diesel-powered locomotives and railroad equipment, the sources said in the report. The business is one of the industrial conglomerate's oldest and reported $4.7 billion in revenue last year.
GE declined to comment to CNBC.
The move is a major part of new CEO John Flannery's two-year plan to divest assets worth more than $20 billion, sources told the Journal.
Shares of GE traded about 0.4 percent lower late Thursday morning.
Read the full story in The Wall Street Journal here.
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