GE Healthcare will spin off into a standalone company over the next 12 to 18 months, its parent company General Electric Co. announced Tuesday.
The Chicago-based medical technologies and services General Electric subsidiary has about 6,000 employees in Wisconsin, with significant operations in Waukesha and locations in Milwaukee, Oak Creek, West Milwaukee, Wauwatosa, and a plant in Madison. It provides medical imaging, monitoring, biomanufacturing and cell therapy technology.
GE also said Tuesday it will fully separate its 63 percent interest in Baker Hughes, a Houston-based oil field services company, over the next two to three years.
John Flannery, chairman and CEO of GE, told investors Tuesday that both GE Healthcare and Baker Hughes are two strong and competitive businesses that face operating constraints being part of GE. Read the full story here.