FAIRFIELD, Conn. (AP) - General Electric Co. has announced a reorganization, saying the move will simplify the conglomerate and spur growth and efficiency.
Chief Executive Officer Jeff Immelt says that GE, which owns businesses ranging from light bulbs to NBC, will reduce its segments from six to four, including two infrastructure units. GE's current infrastructure business, which makes water treatment plants, locomotive engines and other big-ticket items, leads GE in profits and revenue.
Immelt has been under pressure to shake up GE since disappointing first-quarter earnings shocked investors.