Report: GE considering exit of locomotive business

As part of its plan to streamline its portfolio and unload up to $20 billion in assets, General Electric is considering leaving its locomotive business which has major operations in Fort Worth. It is also one of the company’s oldest businesses.

The Wall Street Journal reported on the plans on Oct. 26.

Among the options being consider, according to the WSJ, are spinning off the division, partnering with another company or selling the group.

GE’s new CEO, John Flannery, said during a conference call last week that “major changes” were needed at the company, and that the Boston-based company plans to offload $20 billion in assets in the next one to two years.

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During the earnings conference call, the company reported revenues of $1.74 million in the locomotive division, down 14 percent over the previous years, primarily because of lower locomotive shipments.