General Electric breaks off healthcare to focus on power, aviation

Once-dominant industrial giant General Electric announced today it will shed its healthcare business to concentrate on power and aviation, in the latest attempt to shore up the struggling company.

After a year-long strategic review, "GE will focus on Aviation, Power and Renewable Energy, creating a simpler, stronger, leading high-tech Industrial company," the company said in a statement.

It also will "fully separate" its interest in oil services firm Baker Hughes (BHGE), of which it holds 62.5 per cent.

The plan is to "separate GE Healthcare into a standalone company, pursue an orderly separation from BHGE over the next two to three years, make its corporate structure leaner and substantially reduce debt."