MUFG Union Bank will acquire supply chain finance platform Trade Payable Services from GE Capital. The deal marks the third major divestment by GE Capital over the last six months.
GE signed an agreement to sell its Distributed Power business to Advent International for $3.25 billion. The transaction includes Distributed Power’s Jenbacher and Waukesha engines and manufacturing sites in Austria, Canada and the U.S.
The Wall Street Journal reported that GE has dropped off the Dow Industrial Average list for the first time in 100 years and will be replaced by Walgreens Boots.
The Wall Street Journal reported that the Securities and Exchange Commission is looking into GE Capital’s revenue recognition practices for “long-term service contracts.”
Fitch Ratings downgraded the long- and short-term issuer default ratings for General Electric and GE Capital Global Holdings to “A+” and ‘F1’ from ‘AA-‘and ‘F1+.’
General Electric’s board of directors has determined to set the company’s quarterly dividend to a projected payout of $.12 per outstanding share, representing a 50% reduction from the current quarterly dividend.
The Wall Street Journal reported GE’s new CEO John Flannery has already begun cutting the corporate perks initiated by his predecessor, Jeff Immelt. corporate staff cuts are pending.
Jamie Miller, CEO of GE Transportation, has been named the company’s chief financial officer, replacing Jeffrey S. Bornstein who will leave the company at the end of this year. GE Vice Chairs John Rice and Beth Comstock will also retire effective December 31, 2017.
Switzerland’s ABB has acquired GE Industrial Solutions for $2.6 billion. GE’s global electrification solutions is headquartered in Atlanta and has about 13,500 employees around the world.