Thursday , July 29 2021

GE sells its biopharmaceutical business for $ 21 billion

The agreement will provide GE with the much needed money for the US industrial conglomerate, and the aircraft and aircraft engine manufacturer is seeking to pay billions of dollars of debt and insurance liabilities.

GE, which has once been a symbol of US corporate power, fights against the losses associated with its financial situation, forcing it to free itself from insignificant companies and restore its industrial subdivision.

Calp said the sale of Danaher, where he had been CEO for more than a decade until 2014, is a milestone in efforts to transform the 126-year conglomerate.

"This shows that we are implementing our strategy by taking careful and deliberate steps to reduce the leverage and strengthen the balance," Calp said in a statement announcing the deal.

GE has announced it will receive $ 21 billion in cash from the Danaher medical equipment manufacturer, which will take on GE's insurance obligations.

The biopharmaceutical business, part of its research unit, generates revenue of about $ 3,000,000 in 2018. The department produces tools and software to support research and drug development.

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