GE reorganizes for savings, transparency

June 23, 2005 at 11:46 AM
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NEW YORK, June 23 (UPI) -- New York's General Electric Co. said Thursday its 11 business units would be reorganized into six for savings and transparency.

The six branches of the company will now be GE Infrastructure, GE Industrial, GE Commercial Financial Services, NBC Universal, GE Healthcare and GE Consumer Finance, MarketWatch reported.

"This change allows us to leverage our exceptionally deep leadership team to accelerate growth and improve productivity," said Jeffrey Immelt, the company's chairman and chief executive.

The Dow component, which said the reorganization would make the company's operations more transparent, also said it expects to meet its 2005 per-share earnings target and enjoy double-digit growth in earnings into 2006 and beyond.

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