GE has submitted paperwork for an initial public offering of the soon-to-be standalone company GE Healthcare. The filing will take place this spring, with the news, causing a significant jump in the parent company’s stock price.
The pending spinoff of the healthcare division was announced in June, which will take 2-3 years to complete. This division has been one of the most profitable sectors for GE. It brought in $3.5 billion in revenue in 2017 on $19 billion in sales. It also accounts for approximately 25% of GE’s sales, as well.
GE Healthcare President and CEO Kieran Murphy said, “GE Healthcare’s vision is to drive more individualized, precise and effective patient outcomes. As an independent global healthcare business, we will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry and invest in innovation. We will build on strong customer demand for integrated precision health solutions and great technology with digital and analytics capabilities as we enter our next chapter.” He will continue to lead the new standalone GE Healthcare.
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Meet the author: Vikki Harmonay