General Electric announced a set of sweeping changes Monday geared toward bettering the company’s future.
GE announced it will sell off more than $20 billion in company assets over the next two years. The sell-off will include assets in transportation, industrial solutions, current and lighting and at least 10 other areas.
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The changes will help to create a “simpler, more focused GE,” according to a report released to investors Monday morning. The report shows that GE will double down on its aviation, power and health care device businesses in order to improve the company’s cash flow, the report states.
The company also announced that next month it will cut its dividend in half, from from 24 cents to 12 cents per share. GE’s dividend had grown too large compared to the amount of money the company was bringing in, according to the report.
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Ohio’s largest manufacturing employer, GE Aviation makes commercial and military jet engines and parts. GE Aviation employs more than 9,000 people in southwest Ohio, including its plant in Evendale. Worldwide, the company employs approximately 44,000 people at more than 80 locations.
GE Aviation opened its EPISCenter in Dayton in 2013. The research facility is a partnership with the University of Dayton that studies electrical power systems.
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