The stock is up 2.42% at $20.28 on a generally down day.
In a move that it says will "speed decision-making, reduce layers and decrease cost," GE will reorganize its energy business into three stand-alone businesses in the fourth quarter, the Fairfield, Connecticut-based company said Friday in a statement.In other news:
GE Energy Infrastructure, which includes about 100,000 employees and expects $50 billion in revenues in 2012, will be split into GE Power and Water, GE Oil and Gas and GE Energy Management. The energy headquarters organizational layer will be phased out by the end of the year. GE will start reporting separate segment financial results for the three businesses starting in Q4....MORE
GE second-quarter profit tops Wall Street view in "challenging" economy