Lots of rumors healthcare being sold to foreign company soon and layoffs. It’s been tough enough for us in HC. Any truth?
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The Healthcare is already independent " GE Precision Healthcare" as it is now called.
It was broken off when it was being prepped to unload in spinoff prior to Covid,
Covid mat have dampened the eventual sale or spinoff, but it's still a strong possibility and relatively easy any time a new potential buyer comes forward.
My paycheck has come from a independent business called GE Precision Health for over a year, before that it came from General Electric. Some of us still believe services will be broken out and sold to a couple other national service companies.
Larry will always keep all options open for the good of Larry and GE.
Not for employees !
GE Heathcare is clearly not investing in U.S. jobs as they continue to move them off to either India or Europe (Buc managed). Those who are left are so tired of the layoff threat that they are quitting left and right. They are not even replacing headcount of those who left and the work load keeps piling up on those who left. Leadership still demands to meet the year’s priorities without adjusting for headcount to meet those goals. People here are totally worn out.
Everything has a price. Larry will continue to dissect each division into smaller jig saw pieces and will unload some pieces as needed for his view of business needs. Utilizing the theory of a holding company, the jigsaw piece is either making a contribution to mothership or worth more unloaded from portfolio.
Everything has a price.
Excerpt from the Feb 22, 2021 article below,
"GE is investing in new products and technologies aimed at improving diagnoses and shortening hospital stays. But it’s still possible, likely even, that GE will eventually make the health-care unit independent. “Most people would look at the GE portfolio today—aviation, power, renewables, and health care—and if you asked them which of those four industrial businesses is less industrial than the others, people would focus on health care,” Culp said at a Barclays Plc conference on Feb. 16. For now, though, it’s a handy business for GE to have around.
https://www.bloomberg.com/news/articles/2021-02-22/ge-s-larry-culp-was-smart-to-keep-company-in-health-care-business
If I had to guess, I would say it's more likely that fringe, non-core pieces of existing business segments get sold. I think Larry's going to roll with what he's got.
Why would anyone want to quit GEHC, I love my job as a service engineer. Have pension and 401k, still have plenty of OT. As long as we are think on headcount, I'm doing fine. I dont think the guys working their tail off will be put to pasture, we are the current hand on talent providing the hands on service.
Managers and admin folks are a dime a dozen and we could afford to loose some of them !
If my part of GEHC is broken off and sold, maybe the next company will be as good or better.
Layoffs have already and continue to slowly happen. When you try to email someone and they are mysteriously gone? Every few weeks another person and no announcement or replacement? That's how they do it without alarming the masses. Add that to the people quitting.
Larry's plan has always been to create a holding conglomerate like he did at Danaher. He is already starting the process by decentralizing the different groups. He will continue to trim divisions were it makes since and then create a holding company structure. The new companies will be Power, Renewables, Aviation, Military, Healthcare and Digital. Before this happens still some restructuring coming and some partial selloffs and some purchases. You must realize while Larry comes off as a nice guy that is in for the employees that is not the case. It sort of a game to him and is about power and money of course. But isn't that what most people are about.
Would make sense... they should have done it two years ago! That was the plan, not sure what happened? The General Electric Co. is one sick puppy.
This place is a shell of what it once was. So many colleagues with talent, skill and tribal knowledge out the door.
Very sad. :(
Kudos to ex-colleagues who have landed with good Companies!
I'd be suprised, Healthcare is a segment that helps GE survive.
But................... Leadership does not always use sound thought and logic. It's all numbers driven and the numbers come from the most important segment. It's the Mining division, Data Mining that is.
GE Data Mines, its mo41re valuable to leader ship than Gold.