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Immelt Says GE Capital Worth up to $20 Billion: Report
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GE Capital, the financial services arm of General Electric, is currently undervalued by investors and by some estimates could be worth up to $20 billion, GE Chairman and CEO Jeff Immelt told the "Charlie Rose" talk show Thursday, Dow Jones reported.
"Today it's probably worth $10 billion or $20 billion, something like that," Immelt said during the interview. However, he also said the unit had been overvalued in the past. (Update: A GE spokeswoman later clarified that Immelt was referring to what analysts are valuing GE's financial services at, and not what he thinks it's worth).
GE, [GE
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] which is the parent company of CNBC, has been bruised by the credit crisis with many analysts highlighting the financial unit as a source of trouble. The company has suffered writedowns and been forced to slash its dividend as the recession dented earnings.
Immelt also outlined plans to downsize GE during the interview, and increase the company’s reliance on technology. But he said that the company had "outsourced in places where we shouldn't," according to Dow Jones.
Immelt told the show that non-U.S. revenues for GE will increase from around 50 percent to above 60 percent, according to Dow Jones.
GE has a wide range of non-financial businesses, such as energy, health, transportation, infrastructure and industrial products. GE executives are hoping that the company will see a boost from the government’s stimulus packages, Dow Jones noted.
"You know, my sense is that the stimulus has got to get faster," he said, according to Dow Jones. "I think one of the things the president's going to have to grapple with is just, where does unemployment go over time, and how do we make sure that the stimulus gets to the right place so they can create jobs."
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Data is a real-time snapshot *Data is delayed at least 15 minutes
