General Electric is looking to make its recent bounce back permanent, with Chairman and CEO Larry Culp laying out his vision for the company's turnaround in a letter to shareholders on Tuesday.
General Electric is looking to make its recent bounce back permanent, with Chairman and CEO Larry Culp laying out his vision for the company's turnaround in a letter to shareholders on Tuesday.
"We intend to maintain a disciplined financial policy, targeting a sustainable credit rating in the single-A range, GE industrial leverage of less than 2.5x net debt*-to-EBITDA, a GE Capital debt-to-equity ratio of less than 4-to-1, and ultimately a dividend level in line with our peers," Culp said in the letter. In a separate filing, GE registered to sell from"time to time" a mix of securities including debt, preferred stock or common stock. This is a developing story.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GE withdraws plans for Healthcare IPO after Danaher deal: BloombergGeneral Electric will no longer seek an IPO for its health-care unit following the sale of its biopharma business, CEO Larry Culp told Bloomberg on Monday.
Read more »
GE's stock soars after deal to sell biopharma business to Danaher for $21.4 billionShares of General Electric Co. shot 8.8% in premarket trade Monday, after the industrial conglomerate agreed to sell its biopharma business to Danaher Corp. for $21.4 billion in cash. "Today's transaction is a pivotal milestone," said GE Chief Executive Lawrence Culp. "It demonstrates that we are executing on our strategy by taking thoughtful and deliberate action to reduce leverage and strengthen our balance sheet." Culp had served as CEO of Danaher from 2001 to 2014. Danaher said it expects to finance the deal with $3 billion from an equity offering, cash on hand and the issuance of debt. Danaher expects the deal, which is expected to close in the fourth quarter of 2019, to reduce net earnings by share by $1.15 to $1.20 in the first full year, but add to adjusted EPS by about 45 cents to 50 cents. GE's stock has soared 34.4% over the past three months through Friday, while Danaher shares have climbed 10.8% and the Dow Jones Industrial Average has gained 7.2%.
Read more »
GE-Danaher pharma deal is a win-win remedyCEO Larry Culp is unloading the conglomerate’s biologics unit to his old employer for $21 bln. It’s his boldest downsizing move yet and will help cut leverage. Danaher gains scale in its health business at a reasonable price while Culp needed a sale, not necessarily top dollar.
Read more »
PayPal CEO predicts digital payments industry will mature into a $100 trillion market'We live in the space of digital commerce and digital commerce is exploding still around the world ... and we're riding that wave,' PayPal CEO Dan Schulman says.
Read more »
India an investment priority for Saudi Aramco: CEOSaudi Aramco said on Wednesday that investing in India is a priority for the com...
Read more »
Saudi Aramco to decide in first half on financing SABIC buy: CEOSaudi Aramco said on Wednesday it expects to decide by mid-2019 how to finance t...
Read more »