GE Tears Down The House That Jack Built

April 11, 2015 3:59 PM

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CEO Jeffrey Immelt’s decision to begin dismantling the finance and real estate facade that his predecessor and mentor erected over GE’s core manufacturing business is a good strategic decision made all the better by Friday’s announcement that Blackstone, Wells Fargo Wells Fargo and other buyers will pay the company $26.5 billion for the bulk of its commercial property holdings.

“At long last, General Electric is on its way to exorcising the financial demons of Jack Welch,” wrote Reuters’ Rob Cox after the Immelt’s deal was announced Friday. “It may have taken too long, but the timing works now on many levels.”

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