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GE to unveil details of sweeping overhaul Tuesday morning

GE to unveil details of sweeping overhaul Tuesday morning

General Electric to retain Power, Aviation and Renewables, separate from other units
GE to unveil details of sweeping overhaul Tuesday morning
An April 2016 aerial image shows the General Electric campus at the foot of Erie Boulevard in Schenectady.
Photographer: Marc Schultz

SCHENECTADY -- General Electric on Tuesday morning will announce the long-awaited results of its strategic review.

The company, in a press release issued early Tuesday, said it will retain GE Power, GE Aviation and GE Renewable Energy as its core businesses, but divest multiple other business units as it struggles to be a leaner, more profitable company.

Announcement Update: GE to retain Power, cut dividend as part of overhaul

General Electric already announced plans to merge GE Transportation with Wabtec, another railroad equipment manufacturer. It will now separate GE Healthcare into a standalone company and seek to separate from Baker Hughes, a recent acquisition in the oil and gas industry.

GE Power for years had been headquartered in Schenectady and still has thousands of employees here. The company recently said it does not consider any one site to be the GE Power headquarters.

GE Power is a significant source of financial problems for the conglomerate and is a focus of cost-cutting measures. It has cut thousands of employees and shuttered 17 locations as it works toward a previously stated goal of $1 billion in savings.

Announcement Update: GE to retain Power, cut dividend as part of overhaul

A handful of the job eliminations have come in Schenectady. Approximately 4,000 people work on the sprawling campus at the foot of Erie Boulevard, though not all of them are GE Power employees.

GE Healthcare opened a state-of-the-art factory in 2009 to produce imaging equipment. As of a year ago, more than 150 people worked in three shifts at the 230,000-square-foot facility.

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