GE reorganizes Energy business
FAIRFIELD, Conn. — GE announced July 20 that it will reorganize its Energy business into three standalone businesses effective in the fourth quarter of 2012.
The Energy headquarters organizational layer will be phased out by the end of 2012.
This change will speed decision making, reduce layers and decrease cost, according to a press release.
GE Energy Infrastructure includes approximately 100,000 employees and will have revenues of approximately $50 billion in 2012.
The three new businesses — GE Power and Water, GE Oil and Gas and GE Energy Management — will report directly to GE Chairman and CEO Jeff Immelt.
"This move will greatly simplify the way we communicate to investors and customers," Immelt said. "We have built three strong franchises with solid growth prospects for each in the future. Our Energy portfolio is well positioned for future growth, our commitment to having the best technology is paying off with customers and we will continue to invest in our growth and competitiveness capabilities."