The announcement by GE and Apollo is a sign the industrial giant is still looking for ways to cut costs and reduce debt, and may signal renewed interest in streamlining the company now that Culp is at the helm. The company removed John Flannery as chairman and CEO last week. Flannery had only been on the job a year, but CNBC reported the board had grown frustrated at the slow changes. The new equity portfolio sale includes approximately 20 energy investments, and GE and Apollo will "seek to form an ongoing relationship with respect to select future new energy infrastructure investments," according to GE's statement. Details of the sale were not disclosed; the deal is expected to close in the fourth quarter of this year. Apollo was the "ideal buyer" due to the level of "experience managing complex alternative investments," Alec Burger, president of GE Capital, said in a statement. Earlier this year, GE announced a plan to streamline its focus to a trio of core areas: renewables, power and aviation. The company said the renewables business will focus primarily on wind energy, on and offshore, along with hydroelectricity. GE's power business will include its gas turbine business, power services and other segments. While renewables have been growing rapidly, GE still believes gas turbines are the key to the long-term energy mix, though it concedes the market may see some declines. GE currently has an installed base of 7,000 turbines underpinning a contractual services business.
General Electric (GE) has agreed to sell around 20 energy investments to Apollo Global Management for almost $1bn. Specifics of the deal—which includes debt—were not revealed, though it is expected to be completed by Q4 2018. The two companies have said they will work together in regards to possible future “energy infrastructure investments”. In a statement, GE said: “We are pleased that we can now bring our expertise and experience as an industrial company with deep roots into this new phase of GE’s growth.