Why GE Is Selling Another Part of Its Business to a Private Equity Firm [Fortune]
Westinghouse Air Brake Technologies Corporation (WAB)
Last westinghouse air brake technologies corporation earnings: 2/18 06:58 am
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Source: Fortune
By Hallie Detrick 6:28 AM EDT Just a month after spinning off its transportation business , GE (ge) is nearing a deal to sell off a unit that makes industrial engines. After missing earnings , restating past earnings , and falling out of the Dow , the long-beleaguered giant is in need of a cash injection. Enter Advent International, a private equity firm willing to buy the industrial engines unit for $3 billion or more, according to The Wall Street Journal . A deal could be announced as early as Monday. This deal is no accident: GE’s CEO John Flannery plans to sell off $20 billion worth of assets by the end of next year, and hasn’t ruled out the possibility of breaking up the entire business. His mandate as CEO is to cut costs and help the company’s suffering stock price recover, and he’s taking no prisoners on his way to doing
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WAB
Earnings
- 4/24/24 - Beat
WAB
Sec Filings
- 4/24/24 - Form 10-Q
- 4/24/24 - Form 8-K
- 4/4/24 - Form ARS
- WAB's page on the SEC website