A 220-year-old American corporate powerhouse is breaking up [CNN]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: CNN
The company plans to spin off its electronics and water businesses into their own yet-to-be-named companies in a transaction that is tax-free to shareholders. DuPont said it expects to complete the breakup transactions within the next 18 to 24 months, and it is subject to final approval by DuPont's board of directors. The announcement also included a shakeup in leadership: Effective June 1, DuPont's chief financial officer, Lori Koch, will step into the CEO role. DuPont's current CEO, Ed Breen, will stay on as executive chairman. Koch will remain CEO of the new, slimmed-down DuPont once the spin-offs are complete, according to the company. DuPont's breakup comes amid other large, multi-national companies announcing breakups in recent years , with many CEOs and corporate boards touting the agility of smaller companies. In a statement, Breen echoed a similar refrain, saying the three smaller companies would have greater flexibility after the spin-off. Ad Feedback “The three-w
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