GE releases 2021 outlook, divests aircraft leasing

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Industrial conglomerate GE on March 10 said it expects revenue growth in the low- to mid-single digits in its GE Healthcare segment for the remainder of 2021, while also announcing the sale of its aircraft leasing business.

GE said it expected "continued strength" in the healthcare business through 2021. GE Healthcare saw 6% growth in fourth-quarter organic revenues (not including results from its BioPharma business, which GE divested in March 2020).

GE Chairman and CEO Larry Culp said the company planned to "shift to offense" in 2021 and transform into a "more focused, simpler, and stronger industrial company." The company said it expected profitability in the healthcare business to grow by 25-75 basis points.

In related news, GE said it planned to merge its aircraft leasing unit, GE Capital Aviation Services, with competitor AerCap Holdings of Ireland, in a deal valued at over $30 billion. GE said the move would simplify the company as it focuses on its industrial core of power, renewable energy, aviation, and healthcare.

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