NEW YORK: General Electric announced Friday it was getting out of most of its finance business, slashing back GE Capital and selling $26.5 billion worth of real estate.
The US industrial giant said the move could generate as much as $90 billion to be returned to investors over the next three years via dividends, share buybacks and a share exchange.
The company heralded the move as getting back to the company's core capabilities in advanced manufacturing technology.
By 2018 more than 90 percent of the company's earnings will come from its industrial business, compared to 58 percent currently.
"This is a major step in our strategy to focus GE around its competitive advantages," GE chairman and chief executive Jeff Immelt said.
"GE today is a premier industrial and technology company with businesses in essential infrastructure industries."
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