UPDATE 2-GE chief Culp sells biopharma business for $21 bln [Reuters (UK)]
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Source: Reuters
GE chief Culp sells biopharma business for $21 billion | Reuters 2 Min Read (Reuters) - Shares of General Electric Co surged 11 percent on Monday after the U.S. industrial conglomerate said it would sell its biopharma business to Danaher Corp for $21 billion, its first major asset sale under new Chief Executive Officer Larry Culp. The deal will provide GE with a much needed cash infusion as the maker of power plants and aircraft engines struggles to pay off billions of dollars of debt and insurance liabilities. GE, once a symbol of American business power and management prowess, has struggled with crisis-era losses linked to its finance arm, forcing it to divest its non-core businesses and rebuild its industrial business. Culp said the sale to Danaher, where he was chief executive for more than a decade until 2014, was a pivotal milestone in efforts to turn around the 126-year old conglomerate. “It demonstrates that we are executing on our strategy by taking thoughtful and deliberate
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