The sale to the private equity firm is one of new CEO Larry Culp’s first public moves to get GE back on track.
GE and AIP could announce a deal for the unit, which is known as Current, Powered by GE, as early as this week.
The grim outlook underscored a sobering message: GE’s problems won’t be easy to fix.
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The deal has been approved by both boards and will result in L3 holders getting 1.3 shares of Harris common stock.
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Former CEO John Flannery was ousted in a surprise decision just 14 months into his tenure.
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The iconic American corporation is now worth just under $100 billion, its stock at around $11 at Friday’s close.
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