27 Jun GE unveils new focus on renewable energy following strategic review
General Electric (GE) has revealed a plan to focus on renewable energy along with power and aviation under a new long-term strategy.
The US conglomerate conducted a strategic review which has resulted in a new aim to create a simpler, stronger, high-tech Industrial company centred on the three areas of business.
“Today marks an important milestone in GE’s history. We are aggressively driving forward as an aviation, power, and renewable energy company—three highly complementary businesses poised for future growth, said John Flannery, chairman and CEO of GE.
“We will continue to improve our operations and balance sheet as we make GE simpler and stronger,” he added.
The new strategy will see changes to how the company is run, with a smaller corporate headquarters focused on strategy, capital allocation, talent and governance.
Most resources and services usually controlled at HQ level will be realigned to the businesses, with the changes expected to save at least US$500m by the end of 2020, said GE.
In December, GE announced it would axe 12,000 jobs across its global power sector as it looks to streamline its business away from fossil fuels and towards renewable energy.
The company is also building the $400 million Haliade-X wind turbine, which will become the world’s largest standing at 260 metres tall with a blade length of 107 metres.