GE's Power split includes Wilmington nuclear base | WilmingtonBiz: As financially troubled General Electric looks to streamline its portfolio, observers are watching what changes to the company's power units might mean for its local nuclear energy operations.
Whether that could mean a sell off of its power businesses, including Wilmington-based GE Hitachi Nuclear Energy, remains to be seen.
But the struggling company, now under new leadership, is making changes to shed costs.
Boston-headquartered GE announced Tuesday it is selling its lighting subsidiary Current to a private-equity firm. And last week, company leaders announced intentions to split GE's Power division, a division that includes the Wilmington facility.
GE Chairman and CEO Larry Culp detailed the changes in the company's third-quarter earnings call on Oct. 30. It's a move that will separate several assets in GE's Power portfolio into two units.
One unit will reign in GE’s gas life cycle business by combining its product and services groups. The other will consist of GE’s steam, grid, nuclear and power conversion segments.
Culp also said GE plans to cut dividends from 12 cents to 1 cent per share in December. And also in the third-quarter report, Culp noted an expansion of the
